Montgomery County Employees' Retirement System, Rockville, Md., hired Aberdeen Asset Management to run $125 million in active global equity and Albourne America as hedge fund consultant, and committed $29 million to private equity in the three months ended March 31, according to a quarterly report on Wednesday.
Hedge fund consultant Albourne was hired “to assist staff with further implementation of the opportunistic program,” the report stated.
Linda Herman, executive director, was not available for further details about the selection of Aberdeen for global equity.
In private equity, the board committed $15 million to KPS Special Situations Fund IV, a private equity fund run by KPS Capital Partners that invests in middle-market restructuring and turnaround opportunities. It also committed $14 million to Altaris Health Partners III, a private equity fund managed by Altaris Capital Partners.
The $3.2 billion pension fund reported a total return of 4.13% for the quarter, 37 basis points above its policy benchmark. For the one-year period ended March 31, the gross return was 11.33%, according to the report.
The asset allocation as of March 31 was 25.4% fixed income, 25.3% domestic equities, 16.9% global equities, 10.1% inflation-linked bonds, 7.1% private equity, 5.2% real assets, 4.1% commodities, 3.6% opportunistic, 1.3% cash and 1% real estate investment trusts.
