New Hampshire Retirement System, Concord, hired GAM USA to manage a $200 million unconstrained fixed-income portfolio, spokesman Marty Karlon said in an e-mail.
The $7.3 billion pension fund hired the firm to “improve manager diversification in the fixed-income portfolio,” Mr. Karlon said. Funding comes from a reduction in a domestic core-plus fixed-income portfolio managed by Pacific Investment Management Co., leaving PIMCO with about $200 million.
Also, the pension fund terminated Windhaven Investment Management from a $55 million global absolute-return strategy due to personnel changes. The pension fund moved the assets to Standard Life Investments, which the pension fund had hired in March to run a similar strategy. Standard Life now manages about $205 million.
Separately, the pension fund committed $50 million to Alcentra European Direct Lending Fund, a direct lending fund that makes loans to middle-market companies in Europe. It is the first commitment for the pension fund to an Alcentra fund.
The pension fund also committed $50 million to HarbourVest International Private Equity Partners VII, a private equity fund of funds focused outside the U.S. managed by HarbourVest Partners. The pension fund previously committed $50 million to HarbourVest’s Dover Street VIII in March 2013.
Investment consultant NEPC assisted.