San Antonio Fire & Police Pension Fund allocated $170 million total to three managers.
The $2.8 billion pension fund hired Cooke & Bieler and The London Co. of Virginia to manage $75 million each in domestic large-cap value equity, according to recently released board minutes.
Funding for Cooke & Bieler and The London Co. will come from the termination of passive domestic large-cap value equity manager Northern Trust Asset Management and large-cap value equity manager C.S. McKee Investment Managers.
The reasons for the terminations could not immediately be learned.
Separately, the pension fund committed $20 million to GoldenTree Distressed Fund III, a U.S. and European-focused distressed debt fund that is aiming to raise $1.75 billion to $2 billion. The pension fund has previously invested in other GoldenTree Asset Management funds.
Matthew O'Reilly, chief investment officer, could not immediately be reached for additional information.