Alaska Retirement Management Board, Juneau, is searching for a manager to run $100 million to $200 million in master limited partnerships, confirmed Lacy Wilcox, Lacy Wilcox, special assistant to state Revenue Commissioner Bryan Butcher, who sits on the board.
The Department of Revenue oversees the board.
Callan Associates will assist in the shortlist search. Interested MLP managers may contact Callan, Ms. Wilcox said in an e-mail. The search was approved at the board’s April 20 meeting. A hiring decision is expected in June or September.
Separately, the board, which oversees seven state retirement plans with combined assets of $19.8 billion, approved an additional $50 million commitment to Prisma Capital Partners. Prisma manages $150 million in an absolute-return portfolio.
“It will likely be run as a separate share class to our existing fund-of-one portfolio managed by Prisma,” Ms. Wilcox said in the e-mail. “As contrasted with our current Prisma fund, this allocation is intended to have additional fixed-income-like properties including more income or yield, additional liquidity and equity-hedging characteristics.”
The board also placed $100 million in a new internally managed equity portfolio benchmarked to the Dow Jones Dividend 100 index. The board made the investment for the potential of strong risk-adjusted returns with a higher yield, Ms. Wilcox said. Funding comes from rebalancing equity investments.