Washington State Investment Board, Olympia, selected Lazard Asset Management, JPMorgan Asset Management and Pictet International Management to run active emerging markets equity portfolios for the $50.9 billion pension fund.
Sizes of the portfolios have not been determined, but the fund's emerging market exposure was boosted to $819 million from $534 million under asset allocation changes adopted last summer. Incumbent managers GMO and Capital International will continue running emerging markets equity portfolios for the fund, said Liz Mendizabal, spokeswoman for the fund. GMO runs $309 million and Capital International, $128 million. WSIB in September dropped F&C Emerging Markets, which ran a $128 million portfolio.
Callan was the consultant.
Separately, the board committed up to $1.5 billion to the KKR 2006 Fund, as expected. The board also committed up to $40 million to OVP Venture Partners VII, a technology venture fund focused on the Northwest. Capital Dynamics was the consultant.