San Diego City Employees’ Retirement System’s board invested about $56 million with Artisan Partners for a non-U.S. smidcap growth equity strategy.
Artisan will manage 4% of SDCERS' $1.3 billion non-U.S. equity portfolio.
Artisan was hired Nov. 9 to replace Copper Rock, which was terminated in September due to dwindling asset levels and executive departures. Amy Coyne, spokeswoman for Spouting Rock Asset Management, which acquired a minority stake in Copper Rock in July, could not be immediately reached for comment on Copper Rock's termination.
Artisan was selected after an invitation-only search. SDCERS' general investment consultant Aon assisted.
Separately, the $9 billion fund's board approved its annual private equity and infrastructure investment plan and expects to commit an estimated $75 million in 2021. SDCERS committed $78.7 million to 12 investments as of June 30, which staff and SDCERS' private equity and infrastructure consultant StepStone said was consistent with the 2020 investment pace of $60 million to $100 million.
SDCERS has $1.2 billion in its private equity and infrastructure portfolio, amounting to 14.7% of plan assets, above the pension plan's 13% combined target allocation. A StepStone report to the board estimated the portfolio would be down to its target by 2025.