Indiana Public Employees Retirement Fund, Indianapolis, hired Aksia as hedge fund consultant and ORG Portfolio Management as real estate consultant, said Jeffrey D. Hutson, director of communications for the $14.8 billion fund.
Both firms will assist PERF in searching for managers and evaluating performance, Mr. Hutson said. The fund had no consultant for either asset class.
PERF has targeted allocation ranges of 2% to 5% of total assets for hedge funds and 3% to 5% for real estate.
The fund currently has $362 million invested with hedge fund-of-funds managers Pacific Alternative Asset Management, Blackstone and Dorchester, according to a recent PERF report. It also has $106 million in real estate funds of House Investments, Blackstone, Colony and Walton Street.
Albourne Partners and Courtland Partners were other finalists in the respective hedge fund and real estate searches, Mr. Hutson said.
Mercer is the funds general consultant, and Strategic Investment Solutions is private equity consultant, he added.