Texas County & District Retirement System, Austin, hired Emerging Sovereign Group and Hotchkis & Wiley Capital Management to manage active emerging markets equity and active high-yield bond portfolios, respectively, said Russ Rhea, spokesman, in an e-mail.
Neither the allocation sizes nor funding sources have been determined. No further information was provided. The pension plan previously invested $180 million in ESG Cross Border Equity Fund, an emerging markets long/short equity fund managed by Emerging Sovereign Group.
As of March 31, the $23 billion pension fund’s allocation to equities was 39.8%; the target is 38%. The allocation to high-yield investments was 13.7% and its target, 13%.