Austin (Texas) Police Retirement System hired Orleans Capital Management to run $55 million in core fixed income, according to recently released minutes of the Oct. 15 board meeting.
Separately, the $585 million pension fund updated its long-term target asset allocation, just 18 months after it approved new long-term targets.
Fixed income was decreased to 10% from 15%; private equity increased to 12.5% from 7.5%; hedge funds increased to 10% from 7.5%; and timber decreased to 5% from 7.5%. Public equity remained at 45%, real estate, 15%; and cash, 2.5%.
Sampson Jordan, CEO, did not return a telephone call by press time.