Alaska Permanent Fund, Juneau, hired three managers to run a total of $225 million in active domestic small-cap equities for the $21.5 billion fund, according to a spokeswoman from the fund. Martingale Asset Management will handle $75 million in a value style; and Cordillera Asset Management and Turner Investment Partners will manage $100 million and $50 million, respectively, in growth. Of the total allocation, $60 million will come from a rebalancing that will shift $750 million from the funds $7.3 billion internally managed U.S. bond portfolio to domestic and international equity portfolios. The remainder will come from reducing an S&P 1000 index fund and several small-cap portfolios; the managers were not identified.
Separately, the system plans to split AEWs existing $637 million REIT portfolio to provide greater manager diversification, said Joan Cahill, spokeswoman. The target split for the funds $2.2 billion real estate portfolio will be 3:1 between direct holdings and REITs.
Callan Associates is the consultant.