Searches and Hires

Alameda County allocates to AEW real estate fund

Alameda County Employees' Retirement Association, Oakland, Calif., committed $25 million to AEW Partners Real Estate Fund VIII, managed by AEW Capital Management, said Michael Fara, pension fund spokesman.

The board of the $8.7 billion pension fund approved the commitment at its April 19 meeting. As of Dec. 31, the real estate allocation was 6.4%; the target is 8%.

The pension fund also added $178 million to a customized hedge fund-of-funds portfolio managed by Lighthouse Investment Partners. ACERA originally hired the manager in 2014 to run $100 million.

As of Dec. 31, the pension fund's absolute return allocation was 3.7%; the target is 9%.

Separately, the pension fund named Newton Investment Management and UBS Asset Management as finalists in its search for an active emerging markets equity manager to run about $180 million.

The pension fund issued the RFP in June 2017 because of a new target allocation to emerging markets equity of 10% within the overall 26% international equity target. The pension fund initially announced its intention to launch a search in January 2017. Staff will make site visits to the finalist managers on dates yet to be determined.

Investment consultant Verus Advisory assists in all searches.