Alaska Retirement Management Board, Juneau, hired Quantitative Management Associates to run $200 million in its market participation strategy, said Judith Hall, liaison officer, in an e-mail.
The allocation falls under the board’s alternative equity allocation, which has a 3% target. Funding will come from cash.
The strategy aims to provide “upside participation in the U.S. equity market while reducing downside risk,” according to materials prepared for last week’s board meeting.
Separately, the board hired State Street Global Advisors to run a $200 million allocation to its U.S. equity managed volatility strategy.
Also, the board committed up to $250 million total to two funds. It committed up to $200 million to KKR Lending Partners II, a direct lending fund managed by KKR & Co., subject to successful contract negotiations. The commitment falls under the board’s private equity portfolio, which has a 9% target. It also committed up to $50 million to Apollo Aviation Group’s Sciens Aviation Special Opportunities Investment Fund III, subject to due diligence by investment consultant Callan Associates. The private equity fund focuses on “commercial aircraft leasing and part-out investment strategies,” according to board meeting materials.
The board oversees more than $26 billion in retirement assets.