Pennsylvania State Employees' Retirement System, Harrisburg, hired four managers to run a total of $575 million in active emerging markets equities, confirmed spokeswoman Pamela Hile.
The $25.5 billion pension fund hired Martin Currie Investment Management to run $250 million in growth; Kleinwort Benson Investors to run $150 million and Mondrian Investment Partners to run $100 million in value; and GlobeFlex Capital to run $75 million in a small-cap portfolio.
Funding will come from rebalancing and is part of the pension fund's move toward active emerging markets equities within its overall global equities allocation as part of its 2012-2013 strategic investment plan. The pension fund's emerging markets equities investments were previously 100% passive.
Grantham Mayo Van Otterloo was a finalist in the invitation-only search for growth, and Mondrian was also a finalist for small cap.
Investment consultant R.V. Kuhns & Associates assisted.
Separately, the pension fund committed up to $50 million to Insight Venture Partners VIII, a late-stage venture capital fund.
Alternatives consultant StepStone Group assisted.
