Phoenix City Employees' Retirement System hired Neuberger Berman to run $208 million in a customized infrastructure and natural resources fund of funds and GQG Partners to run about $83 million in active emerging markets growth equities, said Greg Fitchet, investment officer.
The $2.6 billion pension fund issued an RFP in February for infrastructure and natural resources managers following the March 2017 creation of target allocations of 4% each to infrastructure and natural resources. Hamilton Lane was the other finalist in that search.
Also, the pension fund conducted a shortlist search for emerging markets equity managers earlier this year due to the March 2017 creation of a new 8% target allocation to emerging markets equities. Driehaus Capital Management was the other finalist for the growth strategy.
Also, the pension fund's board at its meeting Thursday assigned portfolio sizes to active emerging markets value equity manager LSV Asset Management and passive emerging markets equity manager Northern Trust Asset Management of about $83 million and $42 million, respectively. The pension fund's board had approved hiring the managers at its Aug. 2 meeting.
Investment consultant Meketa Investment Group assisted in both searches.