Fresno County (Calif.) Employees’ Retirement Association hired Brandywine Global Investment Management to manage about $283 million in global fixed income, said Becky Van Wyk, interim retirement administrator.
Funding came from rebalancing.
Separately, the $3.9 billion pension fund tentatively approved committing $20 million to Colony Distressed Credit & Special Situations Fund III, a real estate debt fund managed by Colony Capital. The commitment is pending further discussion at the board’s Sept. 3 meeting. The fund is expected to have its final close at the end of September. A commitment was tentatively approved to give the pension fund’s legal counsel enough time to review the documents before the fund’s final close, according to recently released meeting minutes.
As of March 31, the pension fund had a 3.2% allocation to global fixed income and 4.2% allocation to real estate.