Arlington County (Va.) Employees' Retirement System invested $50 million in Baillie Gifford's Worldwide Health Innovation Fund.
The $2.5 billion pension fund's board approved the investment at its Oct. 1 meeting, said Daniel E. Zito, executive director and chief investment officer.
The Worldwide Health Innovation Fund is a global equity portfolio that invests in health-care industry stocks, according to Baillie Gifford's website.
The pension fund also added $80 million to an existing active domestic equity portfolio managed by GQG Partners, giving the portfolio a total of about $230 million. The pension fund originally hired GQG in June to manage $150 million.
Mr. Zito said funding for both portfolios comes from the reduction of other equity portfolios: $53 million from an active global equity portfolio managed by T. Rowe Price Group, $50 million from a passive domestic large-cap equity portfolio managed by Vanguard Group, and $27 million from another active global equity portfolio managed by Baillie Gifford.
Mr. Zito could not be immediately reached for further information on those portfolios.
Investment consultant Windmark Investment Partners assisted.