Monroe County (Mich.) Employees Retirement System agreed to commit a total of $10 million to two real estate funds, confirmed Joey Becker, retirement specialist at the $213 million pension fund.
At its March 26 meeting, the board committed $5 million each to Alidade Capital and TerraCap Management. Ms. Becker did not disclose to which funds from these managers the board had committed.
The board also agreed to terminate Vanguard Group's Russell 1000 Growth Index fund, in which the pension fund has $15 million, and Macquarie Investment Management's large-cap value equity fund, in which MCERS has $14 million. The terminations were made to reallocate the capital. The board wants to split the large-cap equity allocation equally among active large-cap growth, active large-cap value and passive large-cap core, as well as increase its international equity allocation.
Once the funds are redeemed, the board will allocate $3.5 million to Renaissance Investment Management's international equity fund, bringing its total to $15.6 million; $5.15 million to Cambiar Investors' international equity fund, bringing its total to $15.85 million; $500,000 to Lazard Asset Management's emerging markets equity fund, bringing its total to $12.5 million; $2.4 million to Seizert Capital Partners' large-cap value fund, bringing its total to $16.8 million; $1.6 million to ClearBridge Investments' large-cap growth fund, bringing its total to $16.3 million; and the remainder to an S&P 500 index fund managed by World Asset Management, a new hire.
MCERS currently has an asset allocation of 62% equities, 19% fixed income, 9% real estate, 8% alternatives and 2% cash.