Carpenters District Council of Arizona, Phoenix, invested $5 million each with three firms. Blackstone will manage the assets in a hedge fund of funds, Western Asset Management will run its allocation in active domestic fixed income and ASB Capital Management will invest in real estate, said David Hafner, pension department manager.
The hedge fund-of-funds and real estate investments are new asset classes for the $188 million system, Mr. Hafner said. Funding will come from McMorgan & Co., whose portfolio is being phased out; Mr. Hafner could not comment further at press time.
Marco Consulting Group assisted with the invitation-only searches.\