Orange County Employees Retirement System, Santa Ana, Calif., will conduct shortlist searches for up to two managers to run a total of $200 million in global tactical asset allocation strategies and up to two others to run a combined $100 million in direct lending strategies, confirmed Girard Miller, chief investment officer.
Investment consultant NEPC will assist. Interested managers may contact NEPC about the searches.
The $9.5 billion pension fund will also conduct a shortlist search in the first half of 2013 for its first small-cap emerging markets equity manager, Mr. Miller said. The selected manager will run about 20% of the current emerging markets equity portfolio, which had a 4.9% actual allocation, or about $465 million, as of Oct. 31.
The pension fund has a 6% target allocation to GTAA and 7% to diversified credit. This will be the plan's first direct lending investment, Mr. Miller said in a telephone interview.
Mr. Miller said hiring decisions will be made in the first half of the year for the GTAA and direct lending searches.