Sacramento County (Calif.) Employees’ Retirement System hired Baillie Gifford and Mondrian Investment Partners to run $122.5 million in emerging markets all-cap equity, said Richard Stensrud, CEO of the $7.7 billion pension fund, in an e-mail.
It could not immediately be learned whether the $122.5 million is the managers’ individual or combined allocation.
Funding will come from cash and emerging markets equity manager Capital Group, which is being terminated because of long-term underperformance, Mr. Stensrud wrote.
A Capital Group spokesman could not provide a comment by press time.
As of Dec. 31, the pension fund had a 22.5% international equity target and $217.5 million invested in the Capital Group strategy. As of the same date, the pension fund had $23.6 million invested with Mondrian in an emerging markets small-cap equity strategy.