Briggs & Stratton Corp., Milwaukee, hired Oaktree and MacKay-Shields to run $25 million each in high-yield bonds, said Michael Juneau, director of the $950 million pension plan. Half of the funding came from cutting back on an enhanced core fixed-income portfolio run by Baird Advisors, leaving it with $150 million, and the other half came from restructuring the equity portfolios.
Briggs also committed $15 million to Omega Ventures IV, a venture capital fund from Crosslink Capital. Funding also will come from the equity restructuring, Mr. Juneau said.
Callan Associates assisted.