North Dakota State Investment Board, Bismarck, allocated up to $360 million total to two managers, said David Hunter, executive director and chief investment officer of the North Dakota Retirement and Investment Office.
The state investment board hired Pacific Investment Management Co. to manage up to $300 million in domestic core bonds, pending final contract negotiations. A second core bond manager is expected to be hired, according to materials prepared for last month's board meeting. Further details on funding sources and the second manager could not immediately be learned.
Investment consultant Callan Associates assisted with the search.
Additionally, the board committed $60 million to Adams Street Partners' 2017 Global Fund, a private equity fund of funds.
The board has invested with Adams Street, or its legacy firm, for more than 20 years. Its commitments over that period total more than $200 million and include commitments of $30 million each to Adams Street's 2016 and 2015 global private equity funds of funds.
The retirement and investment office oversees the $12.3 billion investment board, which includes pension fund and insurance assets. As of June 30, the $5.3 billion pension trust had a private equity target of 6.5% and domestic fixed income target of 17.8%.
Rob Kozlowski contributed to this story.