Oklahoma Police Pension & Retirement System, Oklahoma City, hired Gresham Investment Management to run about $75 million in long-only commodities, said Steven Snyder, executive director and chief investment officer.
An RFP was issued in March as part of the $2.2 billion pension fund's effort to reach its 15% real assets target, which includes 5% to commodities.
The other finalists were Blackstone Alternative Asset Management and CoreCommodity Management.
Gresham will bring the pension's fund 1.1% actual allocation to commodities closer to its 5% target.
Funding will come from a domestic small-cap growth equity index fund managed by Mellon Capital Management, where $57 million in assets were parked to fund the allocation. Approximately $18 million will come from reducing the pension fund's $134 million smidcap value equity allocation to Boston Partners.
As of May 31, the pension fund's actual allocation to total equities was 65% and its target 60%.
Separately, the pension fund committed $5 million to FirstMark Capital Opportunity Fund I, a venture capital fund managed by FirstMark Capital Partners.
The pension fund previously committed a total of more than $30 million to five FirstMark funds.
As of May 31, the system's actual allocation to private equity was 9.5% and its target allocation was 10%.
