New Hampshire Retirement System, Concord, hired Segall Bryant & Hamill to run $123 million in active international small-cap equities, spokesman Marty Karlon said in an e-mail.
The $7.5 billion pension fund conducted a shortlist search for a manager to replace Grantham, Mayo, Van Otterloo & Co., which ran a similar portfolio and had been terminated for organizational and performance reasons, Mr. Karlon said. Fidelity Investments was the other finalist.
GMO does not comment on client matters, a spokesman said.
Separately, the pension fund committed $50 million to Comvest Capital IV, a private debt fund that primarily invests in senior loan opportunities managed by Comvest Partners. The pension fund previously committed $40 million to Comvest Capital III in January 2015.
Investment consultant NEPC assisted.
