Delaware Public Employees' Retirement System, Dover, committed $100 million to Worldwide Health Innovation Fund, which invests in health-care industry companies and is managed by Baillie Gifford, according to recently published minutes from an August investment committee meeting for the $10.9 billion pension fund.
Also at that meeting, the committee earmarked $100 million for Kiltearn Global Equity Ireland Fund, which invests in a diversified portfolio of companies in the U.S. and around the world and is managed by Kiltearn Partners.
Separately, the committee voted to terminate and liquidate the pension fund's roughly $180 million investment in Bridgewater Associates' Pure Alpha Major Markets hedge fund. The move was made to increase the retirement system's risk tolerance, said Bert Scoglietti, director of policy and external affairs for the state's office of management and budget, in an email. In July, the retirement system's Board of Pension Trustees updated its investment policy to gradually increase the risk tolerance depending on the market, Mr. Scoglietti added.
In a separate move to also increase risk tolerance, the committee redeemed $40 million from T. Rowe Price Group's Institutional Floating Rate Fund.