San Antonio Fire & Police Pension Fund is searching for private debt and emerging markets small-cap equity managers, according to recently released minutes of the July 31 board meeting.
Investment consultant NEPC is conducting the shortlist searches.
It will be the $2.4 billion pension fund's first investment in emerging markets small-cap equity.
The pension fund has a 7% target allocation to private debt and a current allocation of 2.5%. The pension plan has a target pacing schedule of $30 million a year and has committed $15 million so far this year, according to the minutes.
The size of the emerging markets search could not be learned by press time. Funding will likely come from domestic small-cap equity since the allocation is 285 basis points above the target, according to minutes.
Matthew O'Reilly, chief investment officer, did not return a telephone call for additional information by press time.