Texas Municipal Retirement System, Austin, hired Lazard Asset Management and Wellington Management to run $200 million each in active international equities, spokesman Bill Wallace wrote in an e-mail.
The $22.4 billion pension fund conducted a shortlist search last summer. Funding will come from passive international core equity portfolios, he wrote. No managers will be terminated.
Investment consultant R.V. Kuhns & Associates assisted with the shortlist search.
Separately, the pension fund committed $100 million to Walton Street Real Estate Debt Fund, a core real estate fund managed by Walton Street Capital.
The pension fund also made a follow-on commitment of $50 million to Invesco U.S. Core Income Fund, a core open-end real estate fund. The original commitment of $100 million was announced in March 2013.
Also, the pension fund made a follow-on commitment of $25 million to Rubenstein Properties Fund II, a value-added real estate fund managed by Rubenstein Partners. The original commitment of $50 million was announced in April 2012.
Real estate consultant ORG Portfolio Management assisted with the real estate commitments.
