Marin County Employees’ Retirement Association, San Rafael, Calif., hired BlackRock, State Street Global Advisors and Vanguard Group as its first public real assets managers, said Jeff Wickman, retirement administrator, in an e-mail.
BlackRock will focus on commodities and Treasury inflation-protected securities; SSgA will focus on natural resources equity; and Vanguard will focus on real estate investment trusts. All strategies will be passively managed.
The managers were selected by the $1.9 billion pension fund’s investment committee. The final allocation size, which will be split equally among the managers, will be presented to the pension fund board for its approval later this month.
In December, the investment committee created a new 7% target allocation to public real assets by reducing the private real estate target to 8% from 15%. There have been no changes to the private real estate manager lineup, Mr. Wickman wrote.