West Midlands Pension Fund, Wolverhampton, England, hired Capital Dynamics to manage a $150 million private equity strategy investing in Asia, Australia and New Zealand, according to a Capital Dynamics news release.
Details of the hiring could not be immediately learned. Neither Judy Saunders, CIO of the £7.2 billion ($11.2 billion) fund, nor Capital Dynamics spokeswoman Nicole Brandes could be reached for comment.
According to a review of the plans investment strategy completed by Mercer in 2007, its target private equity allocation was increased to 7% from 4.5% over the medium term as part of an overall increase in its alternatives allocation to 25% from 19.5%. Global equity was reduced to 60% from 66% as a result. The remainder went to cash.