Fresno County (Calif.) Employees’ Retirement Association hired infrastructure manager IFM Investors to run between $120 million and $140 million, confirmed Phillip Kapler, retirement administrator.
It is the first time the $3.6 billion pension fund has invested in infrastructure following the creation of a new 3% target allocation to the asset class in December.
A specific funding source has yet to be determined.
Separately, the pension fund named Eaton Vance and ING U.S. Investment Management as finalists in its search for the pension fund’s first bank loan manager to run about $180 million. A target allocation of 5% was created in December.
Both the infrastructure and bank loan searches were invitation-only.
The pension fund also placed Pacific Investment Management Co. on watch due to personnel changes. PIMCO runs about $105 million in emerging markets debt for the pension fund.
Investment consultant Wurts & Associates assisted.