Austin (Texas) Police Retirement Fund hired Lend Lease Real Estate to manage $5 million in a value-enhanced real estate partnership for the $267 million pension plan, said Sampson K. Jordan, pension administrator. The Lend Lease partnership includes 10 limited partners investing in commercial office space in the Midwest and Northeast. The move was the result of an asset allocation study. Funding came from reallocating assets from international investments and terminating a $2 million emerging markets mutual fund managed by Brandes Investment Partners, said Mr. Jordan. Brandes continues to manage $55 million in active international large-cap equities for the fund.