Alaska Permanent Fund Corp., Juneau, hired Capital Guardian and PIMCO to manage a multiasset emerging markets strategy valued at about $820 million, or 2% of the fund, said Jeffrey Scott, chief investment officer.
Officials at the $41 billion sovereign wealth fund are in the final stages of negotiations with Pacific Investment Management Co., but the manager has not been appointed yet. Information on how the portfolio will be split between the two managers was not available, pending the second appointment.
The multiasset emerging markets strategy is new. Managers will have discretion across risk factors and asset class, targeting an 800-basis-point real rate of return over a five-year horizon, Mr. Scott said.
Funding will come from reducing global credit and global equity. Further details were not available by press time.