Alaska Retirement Management Board, Juneau, hired Sands Capital Management to run $200 million in active emerging markets growth equities, said Stephanie Alexander, liaison officer, in an email.
The board approved the initial investment at its Dec. 13-14 meeting. The funding source has yet to be determined, Ms. Alexander said.
As of Oct. 31, the actual allocation to global equities was 20.6% within the $26.9 billion in defined benefit plan assets the board oversees.
The board currently has two emerging markets equities managers: DePrince, Race & Zollo, which runs about $282 million and Lazard Asset Management, which runs about $392 million.
ARMB oversees the management of $32.5 billion in defined benefit and defined contribution plan assets, including the $18.4 billion Public Employees' Retirement System and $8.9 billion Teachers' Retirement System.
