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August 27, 2014 01:00 AM

New Hampshire Retirement System chooses GAM USA for unconstrained bonds

Rob Kozlowski
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    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.

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