Delaware Public Employees' Retirement System, Dover, hired Highclere International Investors to manage $100 million in active international small-cap equities, show recently released board meeting minutes.
The $10.4 billion pension fund's board on March 29 approved the investment in Highclere's smaller companies strategy. Information on a funding source was not available.
As of June 30, the actual allocation to international equities was 13.9%, according to the pension fund's most recently available comprehensive annual financial report.
The pension fund's board also approved commitments of up to $35 million to Drive Capital Overdrive Fund I and up to $15 million to Drive Capital Fund III, both venture capital funds.
As of June 30, the actual allocation to alternative investments was 24.4%.
David Craik, pension administrator, was not available to provide further information.