State of Hawaii Employees’ Retirement System, Honolulu, added alternative investments as a new asset class and may search for additional managers for small-cap to midcap U.S. equity, global fixed-income and real estate mandates after adopting a new asset mix, said Nathan Fischer, CIO for the $9 billion fund.
The new asset mix is 41% domestic equity; 17% international equity; 18% domestic fixed income; 10% global fixed income; 9% real estate; and 5% alternative investments. The previous mix was 38% domestic equity; 16% international equity; 31% domestic fixed income; 5% global fixed income; and 10% real estate. While no timetable was set for when searches may begin, no current managers are expected to be terminated, he said.
