Contra Costa County Employees' Retirement Association, Concord, Calif., hired Pathway as an additional alternative investment manager and boosted the allocation to real estate manager Hearthstone Advisors, said Chuck Barron, assistant retirement administrator at the $2.5 billion fund.
Pathway, hired to manage a $30 million portfolio, joins Brinson Partners and Prudential Timberland. Mr. Barron said the addition was necessary for the county to meet its goal of a 4% alternative allocation.
Dorn, Helliesen & Cottle assisted.
Hearthstone's allocation was increased to $40 million from $15 million, said Mr. Barron, in an effort to meet the fund's 8% real estate target. Funding for both allocations will come from new cash.
