Northamptonshire County Council Local Government Pension Scheme, Northampton, England, issued an RFP for one or two managers to run a £200 million ($398 million) active overseas equity portfolio, confirmed Emma Bland, fund accountant. Officials of the £1 billion fund declined to say how the mandate will be funded. Proposals are due Oct. 15. Mercer Investment Consulting is advising the fund.
Plymouth County (Mass.) Employees Retirement System will search for a manager to run $29 million in active international small-cap equities, said William Farmer, board administrator for the $660 million pension plan. Fund officials terminated the Boston Co. Asset Management on the recommendation of consultant Wainwright Investment Counsel. The recommendation follows Munder Capital Managements Aug. 6 announcement that it had lifted out the team that managed the portfolio. Plymouth will transfer the assets on an interim basis to two of its other international managers Acadian Asset Management and KBC Asset Management while it conducts the search. Mr. Farmer said an RFP will be issued in the next few weeks. Separately the fund issued an RFI for private equity managers. Fund officials want to be kept abreast of the products currently being offered to the marketplace and the RFI is being issued for informational purposes only, according to the RFI.
San Jose (Calif.) Federated City Employees Retirement System will undergo an asset-liability review, the first since 2002, said Donna Busse, investment officer at the $1.86 billion pension fund. General consultant Strategic Investment Solutions will present its recommendations at the systems Oct. 19 board retreat.
Texas Employees Retirement System, Austin, will add a $500 million international real estate portfolio, said spokeswoman Mary Jane Wardlow. The portfolio will track the FTSE EPRA/NAREIT index within 300 basis points and managed in-house. The $24.2 billion system has $117 million invested in international real estate securities. Separately, the fund will commit $620 million each year for the next three fiscal years to private equity funds, and then $780 million for the following two fiscal years until 2012, fulfilling a tactical plan adopted for investing the funds 7% private equity allocation. For the fiscal year ended June 30, it will commit a total of $62 million to two to four venture capital funds, a total of $372 million to 10 to 14 buyout funds and a total of $186 million to five to seven special situations funds. Fund officials could also make commitments to one subordinated debt fund and one distressed debt fund. Private equity consultant Altius Associates will assist.