District of Columbia Retirement Board hired Wellington Management to run $180 million in active emerging markets debt.
The $8.5 billion pension fund's board at its Nov. 19 meeting approved the hiring of Wellington to run its blended currency emerging markets debt allocation, recently released board meeting minutes show.
Funding comes from reducing the portfolio managed by Stone Harbor Investment Partners, which had been the pension fund's sole emerging markets debt manager. As of Sept. 30, Stone Harbor ran $356 million in an active local currency emerging markets debt portfolio.
Also as of that date, the board's overall allocation to fixed income was 33.2%.
Investment consultant Meketa Investment Group assisted.
Separately, the board at the Nov. 19 meeting approved a commitment of up to $50 million to Centerbridge Partners Real Estate Fund II.
DCRB had committed $30 million to Centerbridge Partners Real Estate Fund I in 2017.
As of Sept. 30, the board's actual allocation to real assets was 7.6%.
Sheila Morgan-Johnson, executive director, could not be immediately reached for further information.
