Searches and Hires

Hawaii Employees’ Retirement System earmarks $425 million for fixed income, real estate debt

Hawaii Employees' Retirement System, Honolulu, allocated about $425 million total to two managers, said Vijoy Chattergy, chief investment officer.

The $15.6 billion pension fund hired Bank of Hawaii to run about $375 million in domestic intermediate fixed income. Funding will come from the termination of existing domestic intermediate fixed-income manager Pacific Income Advisers.

A request for information was issued in the spring to re-evaluate the market. Pacific Income Advisers, which managed about $361 million at the time of the RFI, rebid and was a finalist.

An RFI for a global intermediate fixed-income manager was also issued in the spring. That hiring decision is expected in November. Investment consultant Pension Consulting Alliance is assisting.

Separately, the pension fund committed $50 million to Torchlight Debt Opportunity Fund VI, a real estate debt fund managed by Torchlight Investors.

The pension fund previously committed $40 million to predecessor fund Torchlight Debt Opportunity Fund V in 2015.