Allegheny County Employees' Retirement System, Pittsburgh, committed to one alternative fund and added to the allocations of two fixed-income managers, said Walter Szymanski, manager for the $922 million pension fund.
The board approved a commitment of $4 million to Greenspring Early Stage Venture Fund, a venture capital fund managed by Greenspring Associates.
The board also approved investing an additional $1 million in a tactical fixed-income strategy managed by Altair Management Partners and an additional $1 million in a core-plus fixed-income strategy managed by EmStone Advisers.
Prior to these additional allocations, Altair's tactical strategy had a balance of $3 million and EmStone ran $5.2 million on behalf of the pension fund in the core-plus strategy.
As of March 31, the pension fund's allocation to private equity was 18.6% and fixed income, 20.3%.
The commitment and investments were approved at the board's May 17 meeting, Mr. Szymanski said.