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Alaska Retirement Management Board slates $710 million for 5 managers

Alaska Retirement Management Board, Juneau, allocated a total of up to $710 million to five managers, said a summary of the June 22-23 board meeting, which was provided by a spokeswoman.

The board hired DePrince, Race & Zollo to initially run an up to $200 million in emerging markets equity, pending successful contract negotiations.

Additionally, the board hired J.P. Morgan Asset Management (JPM) and Man Group to initially manage a total of up to $400 million in alternative beta, pending due diligence and successful contract negotiations. A search was launched earlier this year.

Funding sources for the DePrince, Race & Zollo, JPMAM and Man Group allocations are still being determined.

Also, the board invested up to $60 million in Crestline Specialty Lending Fund II, a middle-market direct lending hedge fund managed by Crestline Investors, pending successful contract negotiations. The board previously invested $50 million in Crestline Specialty Lending in 2015.

Separately, in private equity, the investment staff committed $50 million to New Mountain Partners V, a middle-market buyout fund managed by New Mountain Capital. Board approval for this commitment was not needed.

The board oversees more than $30 billion in defined benefit and defined contribution assets.