The firms will each implement $300 million in overlay programs for the retirement system’s international equity portfolio, said highlights from the June 20 board meeting posted on the pension fund’s website.
The $13.4 billion pension fund issued an RFP in November for managers to complement current overlay manager Fischer Francis Trees & Watts, which overlays about $1 billion in international equity assets.
Separately, the pension fund committed $40 million to PIMCO Bravo III, an opportunistic real estate fund managed by Pacific Investment Management Co. The pension fund previously committed $40 million to PIMCO Bravo II in 2013.
Also, the pension fund announced a preliminary net return of 13.3% for the fiscal year ended June 30, 166 basis points above its 11.64% benchmark return.
The best-performing asset class for the fiscal year was international equity, which returned a net 21.87%, followed by opportunistic investments at 20.3%. Return and benchmark information on other asset classes was not immediately available.
Pension fund spokesman Tim Barbour could not be reached immediately to provide further information.