Cook County Annuity & Benefit Fund, Chicago, hired CastleArk Management to run $150 million in active domestic small-cap growth equities, according to a statement on the $8.7 billion pension fund's website.
The investment is the defined benefit plan's first in active small-cap growth equities, added as a result of a restructuring of the pension fund's asset allocation. Its overall domestic equity allocation is 25% of plan assets.
Funding will come from reducing its Russell Investments passive small-cap growth ETF portfolio.
An RFP was issued July 31.
Callan Associates, the pension fund's investment consultant, assisted.
Officials at the pension fund could not be reached by press time for further details.