Worcestershire County Council Pension Fund, Worcester, England hired bfinance to run a search for infrastructure and real estate managers, said a pension fund spokeswoman.
Selected pooled infrastructure and real estate managers will run an additional 5% allocation, about £110 million ($138 million), for the £1.9 billion pension fund.
The pension fund currently has 10% of assets invested in pooled infrastructure and real estate funds with Invesco, Venn Partners, Walton Street Capital, Green Investment Bank and Hermes Investment Management.
“(The allocation) is designed to maintain long-term fund investment returns whilst increasing the diversification of the fund's assets,” said the spokeswoman in an email. “There haven’t been any terminations as the 5% investment will be funded through a 1% disinvestment from each of the fund's five regional equity allocations.”
Further information on the search could not immediately be learned.