Alaska Permanent Fund Corp., Juneau, hired AEW Capital Management to oversee a $300 million international real estate securities portfolio, subject to negotiations, said Richard Shafer, the fund's CIO. Funding will come from reducing a $600 million diversified REIT portfolio also run by AEW.
The $31 billion fund also hired T. Rowe Price to manage $50 million in active emerging markets equities, Mr. Shafer said. The funding source has not been determined, he said.
Separately, the board approved a staff recommendation to double its private equity allocation to 4% from 2%, Mr. Shafer said. He declined to offer specifics about what firm will manage the additional money, noting that the fund is in negotiations.