Alameda County Employees' Retirement Association, Oakland, Calif., hired Newton Investment Management to run about $180 million in active emerging markets equities, pension fund spokesman Michael Fara said.
The $8.7 billion pension fund issued an RFP in June 2017 following the creation of a new target allocation to emerging markets equity of 10% within the overall 26% international equity target.
UBS Asset Management was the other finalist. As of March 31, the international equity allocation was 30.4%.
Investment consultant Verus Advisory assisted.
Separately, the pension fund committed up to $34 million to buyout fund CapVest Equity Partners IV. It is a first-time commitment to a CapVest fund.
The private equity allocation was 5.7% as of March 31; the target is 9%.