City of Milwaukee Employes' Retirement System's board authorized a search for an emerging markets equity manager to run $96 million, said David M. Silber, chief investment officer, in an e-mail.
It is the $4.8 billion pension fund's first specific allocation to the asset class.
Callan Associates, CMERS' investment consultant, will lead the search, presenting a list of candidates to the board.
Managers interested in consideration for inclusion in the search should contact Michael Joecken and John Jackson, senior vice presidents in Callan's Chicago office, Mr. Silber said.
CMERS plans to hire one manager. Funding for the new allocation will come from reducing international equities to 20% from 22%.
“No international managers will be terminated,” Mr. Silber said.
Separately, CMERS made two commitments to two private equity funds of funds: $25 million to the NB Secondary Opportunities Fund IV managed by Neuberger Berman and $20 million to the Abbott Capital Management's Annual Program 2016.
“Both Abbott Capital and Neuberger Berman are existing managers,” Mr. Silber said. “No new managers are expected to be hired in 2016” for private equity.
