Austin (Texas) City Employees' Retirement System added new allocations of 5% each to real assets, private equity and risk parity following an asset/liability study, confirmed Kirk Stebbins, chief investment officer, in an e-mailed statement.
The study was conducted by investment consultant Summit Strategies Group.
The $1.8 billion pension fund does not have a timetable for when searches will be conducted but doesn't expect to begin any before 2013, Mr. Stebbins said. Funding sources for the new mandates will be determined at a later date.
At an Aug. 17 investment committee meeting, Summit recommended a target allocation of 22.5% core fixed income, 20% domestic large-cap equity, 18.5% international large-cap equity, 8.5% domestic small-cap equity, 6% emerging markets, 5% each real estate, private equity, risk parity and real assets, and 4.5% international small-cap equity.
