Searches and Hires

CalPERS signs Neuberger Berman for global bonds, allocates $7 billion to in-house equity strategies

California Public Employees' Retirement System, Sacramento, hired Neuberger Berman to manage $100 million in a global fixed-income strategy, reports for the investment committee's upcoming May 14 meeting show.

Neuberger Berman also managed a $110 million emerging markets fixed-income portfolio as of Dec. 31, according to a chief investment officer report.

The $351 billion pension fund also committed an additional $460 million to a real asset portfolio it calls IMI-Base, managed by Institutional Mall Investors, a joint venture between CalPERS and real estate manager Miller Capital Advisory. The joint venture is focused on high quality, market dominant, fashion-oriented retail properties in the U.S. The portfolio had $6.5 billion in assets as of Dec. 31. Further information was not provided.

CalPERS also invested $7 billion in four global equity strategies managed in-house. Officials invested $4 billion in global all-cap value and $3 billion in emerging equities all-cap portfolios.

The funding source and the previous size of the internally managed strategies could not be learned.