Fairfax County (Va.) Uniformed Retirement System is conducting an invitation-only search for managers to run allocations to three new asset subclasses, said Jeffrey A. Willison, investment manager. They are: active international small-cap equities, 3% of total assets; active domestic high-yield bonds, 3%; and global bonds, 5%. The additions are the result of an asset allocation study conducted by consultant New England Pension Consultants; officials at the $800 million pension fund plan to make selections by the summer. The system does not issue RFPs.
The fund also increased its alternatives target to 15% from 10%, divided evenly between real estate and private equity. Fund officials are considering an allocation to hedge funds, though they have not made a decision yet.
The system's new allocation is 57% equities, 28% fixed income and 15% alternatives.