Fort Worth (Texas) Employees’ Retirement Fund committed a total of $45 million to two real estate funds and put PIMCO on watch at its Wednesday board meeting, said Joelle Mevi, executive director and chief investment officer, in an e-mail.
Pacific Investment Management Co. runs approximately $120 million for the $2 billion pension fund in its Total Return strategy. PIMCO was placed on watch for “personnel changes” Ms. Mevi wrote. She did not elaborate. William H. Gross, PIMCO’s chief investment officer, left the firm on Sept. 26 to join Janus Capital Management as portfolio manager.
The pension fund also committed $25 million to Real Estate Capital Asia Partners IV, an opportunistic non-core real estate fund managed by SC Capital Partners.
The board also approved a $20 million commitment to Campus Clarion Student Housing Partners, a joint venture between developer Campus Apartments and real estate manager Clarion Partners.
Both are first-time commitments.
As of Aug. 31, the pension fund had an 18.2% allocation to fixed income and 12.6% allocation to real estate.