Texas Municipal Retirement System, Austin, hired Acadian Asset Management and William Blair & Co. to run $175 million each in international emerging markets equity strategies, pending successful contract negotiations, spokesman Bill Wallace said in an e-mail.
Funding will come from a Russell 3000 commingled index fund run by Northern Trust Asset Management. The pension fund has a 17.5% target allocation to international equity.
Separately, the $23.4 billion pension fund approved $306.8 million in total commitments to five value added/opportunistic real estate strategies, pending successful contract negotiations, Mr. Wallace wrote:
- $100 million to Westbrook Real Estate Fund X, managed by Westbrook Partners;
- $75 million to Abacus Multi-Family Partners III, managed by Abacus Capital Group;
- £50 million ($81.8 million) to Moorfield Real Estate Fund III, managed by Moorfield Group;
- an additional $25 million to Greenfield Acquisition Partners VII, bringing its total commitment to $100 million. Greenfield Acquisition Partners VII focuses on suburban office parks and midlevel industrial parks and is managed by Greenfield Partners; and
- an additional $25 million to Lubert-Adler Real Estate Fund VII, bringing its total commitment to $100 million. Lubert-Adler Real Estate focuses on multifamily, retail and mixed-use properties and is managed by Lubert-Adler Partners.
The pension fund has a 10% target to real estate.