The $12.3 billion pension fund issued an RFP in March to hire an additional fixed-income manager to complement existing strategies because the pension fund is underweight its 19% target to global fixed income. As of Dec. 31, the actual allocation was 16.1%.
Funding comes from cash.
General investment consultant Summit Strategies Group assisted.
Separately, the pension fund committed €25 million ($28.1 million) to Bridgepoint Development Capital III, a European middle-market buyout fund managed by Bridgepoint Capital. The pension fund’s previous commitment to a Bridgepoint fund was €30 million to Bridgepoint Europe V in October 2014.
Tim Barbour, pension fund spokesman, was not available to provide further information by press time.