Alameda County Employees' Retirement Association, Oakland, Calif., committed up to $30 million to EQT Infrastructure V.
The $8.3 billion pension fund's board approved the commitment to the infrastructure fund managed by EQT Partners at its remote meeting Thursday.
As of June 30, the actual allocation to real assets was 4.8%.
Separately, the board on Thursday also approved terminating AQR Capital Management from its $392 million active international equity portfolio. The termination was part of a restructuring of ACERA's international equity portfolio to simplify the manager lineup and reduce risk.
According to meeting materials from investment consultant Verus Advisory, AQR's portfolio has been underperforming since 2018.
Kevin Infante, AQR Capital spokesman, declined to comment.
Assets from AQR Capital's termination will be reallocated to the pension fund's other international equity managers.
Passive manager BlackRock's portfolio will be increased to $546 million from $415 million, active core manager Bivium Capital Partners to $109 million from $82 million, active growth manager Capital Group to $546 million from $462 million, active value manager Mondrian Investment Partners to $546 million from $374 million, and active small-cap manager Franklin Templeton to $218 million from $210 million. Active emerging markets equity manager Newton Investment Management's portfolio was rebalanced back to its existing target of 10% of the total international equity allocation, to $217 million from $247 million.
As of June 30, the actual allocation to international equities was 26.4%.
Verus Advisory assisted.
