Spokane (Wash.) Employees' Retirement System committed $10 million to Contrarian Capital Fund I, an opportunistic credit fund managed by Contrarian Capital Management, recently released board meeting minutes said.
The $307 million pension fund's actual allocation to opportunistic credit was 3.4% as of June 30; the target is 7%.
The fund also hired ABS Investment Management to run $8 million in active emerging market equities. The fund conducted a shortlist search in the summer after to the termination of Berens Capital Management, which ran $10 million, for organizational changes and underperformance. Isabelle Ferreira, Berens' chief compliance officer, had declined comment in August.
The assets had been parked in a Vanguard Group emerging markets equity index fund, which will be reduced to $2 million from $10 million.
The pension fund's actual allocation to international equities was 20.9% as of June 30; the target is 22%.
Investment consultant Hyas Group assisted.
Philip Tencick, retirement director, could not be immediately reached to provide further information.
