Arizona Public Safety Personnel Retirement System, Phoenix, announced a total of up to $335 million in manager hires and fund commitments, said spokesman Christian Palmer in an email.
The $9 billion pension fund hired Capital Group and Franklin Templeton (BEN) Investments (BEN) to run $70 million and $60 million, respectively, in active emerging markets fixed income, and Fischer Francis Trees & Watts to run a risk parity portfolio. The size of the risk parity portfolio could not be immediately learned.
Mr. Palmer said generally the pension fund “makes its investment decisions to cut risk, make money for beneficiaries and to rebalance when necessary.”
Separately, the pension fund committed up to £50 million ($62.7 million) directly and up to £30 million in co-investments to Clearbell Property Partners III, a U.K. real estate fund managed by Clearbell Capital. The pension fund previously committed £8 million in direct investments and £20 million in potential co-investments to Clearbell Property Partners II in March 2013.
The pension fund also committed up to $40 million directly and up to $20 million for co-investments to KKR Asian Fund III, a buyout fund managed by KKR & Co. The pension fund previously committed up to $25 million to KKR Asian Fund II in February 2013.
Also, the pension fund committed up to $25 million directly and up to $20 million for co-investments to BioInnovation Capital I, a venture capital fund that invests in startups in the life sciences sector.