Searches and Hires

Allegheny County Employees commits $4 million to venture capital fund

Pension fund also tops up 2 fixed-income managers' allocations

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.