Nebraska Investment Council corrals Dodge & Cox for global equities, commits to buyout fund

Nebraska Investment Council, Lincoln, hired Dodge & Cox to run $315 million in active global equities, said Michael Walden-Newman, state investment officer, in an email.

The council, which oversees $23.1 billion in assets, hired Dodge & Cox to replace IronBridge Capital Management, which ran a similar portfolio. The council terminated IronBridge as a result of a staff recommendation that noted underperformance, as well as numerous large clients departing the strategy.

On Wednesday, it was announced that RMB Capital is lifting out the investment team and other employees of IronBridge Capital Management, effective June 23.

Krista Rivers, RMB's senior vice president and director of institutional services, said, “We've had a long-standing relationship with Nebraska and we understand their decision. It's been a lower-quality market rally, and we have a very high-quality focus.”

Separately, the council committed $50 million to New Mountain Partners V, a middle-market buyout fund managed by New Mountain Capital. The council previously committed $30 million to New Mountain Partners IV in 2014 and $25 million to New Mountain Partners III in 2007.

Investment consultant Aon Hewitt Investment Consulting assisted.