South Carolina Retirement System Investment Commission, Columbia, at its meeting Thursday hired three managers to run a combined $2.5 billion in strategic partnerships, CIO Robert Borden said. The commission, which oversees $28.5 billion in retirement assets, hired JPMorgan Asset Management to run $1 billion in global multiasset alternatives, and Mariner and TCW to handle $750 million each in a credit-oriented master partnership.
Separately, the commission also hired Capital Guardian to run $500 million in emerging markets debt and WL Ross to handle $225 million in its absolute-return hedge strategy. It also committed $200 million each to the Selene Residential Mortgage Opportunity Fund and the Sankaty Credit Opportunities IV fund; $100 million to the D.E. Shaw Direct Capital Fund; and $50 million to the Welsh, Carson, Anderson & Stowe Fund XI, a private equity buyout fund.
The commission has been revamping investments after voters overturned a state constitutional amendment in November 2006 that prohibited investments in private equity and international stocks.
NEPC is the commissions consultant. RFPs were not issued.