Hawaii Employees' Retirement System, Honolulu, committed up to $50 million to Kayne Anderson Real Estate Partners V, pending contract negotiations, said Vijoy Chattergy, chief investment officer, in an email.
The opportunistic real estate fund is managed by Kayne Anderson Capital Advisors. It is a first-time relationship.
Separately, the $16.3 billion pension fund put domestic fixed-income manager First Hawaiian Bank and global fixed-income manager Eaton Vance (EV) Management (EV) on watch for organizational changes, Mr. Chattergy said. Oechsle International Advisors was hired last year to manage $600 million in global fixed income, but its fixed-income team is being bought out by Eaton Vance Management, Mr. Chattergy said. Eaton Vance is taking over management of the allocation, he added.
First Hawaiian Bank was put on watch because its CIO retired. As of Sept. 30, it managed $363 million for the pension fund.