Arlington County (Va.) Employees’ Retirement System committed $15 million to Franklin Park 2015 Venture Series, according to recently released board meeting minutes.
The staff of the $2 billion pension fund recommended the Franklin Park fund of funds to provide diversified access to venture capital managers without additional management fees or carry charge by Franklin Park, the minutes said.
Following investment consultant Ashford Consulting Group’s recommendation to reduce the portfolio’s risk level, the board also voted in March to reallocate $50 million to a Northern Trust aggregate bond index fund, taking $30 million from the Vanguard Institutional index portfolio and $20 million from an Oaktree Capital Management international convertibles strategy. The current amount of the three managers’ portfolios could not be learned by press time.
As of Feb. 28, 2015, ACERS’ asset allocation was 44% domestic equities, 26% fixed income, 18% international equities, 9% convertible securities and 3% alternatives, which includes private equity and real estate.
The pension fund was 94% funded as of June 30, 2014.
ACERS is reviewing proposals for investment consulting services that were due May 4. Further details were not available. Calls to Daniel Zito, executive director and chief investment officer, were not returned by press time.