El Paso (Texas) Firemen & Policemen's Retirement System will launch a search in 2023 for an active domestic midcap growth equity manager to run up to $40 million.
The $1.6 billion pension fund will launch the search following the creation of a new 5% target allocation to midcap growth equities, said Tyler Grossman, executive director, in an email.
The new midcap growth manager will manage about half of the midcap target. The board at its Oct. 19 meeting hired Nuance Investments as its first midcap value equity manager to run about $40 million.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 22.3%.
Mr. Grossman could not be immediately reached for further information on the search. In a November email, Mr. Grossman said funding for Nuance Investments would come from large-cap and small-cap equity managers, and no managers would be terminated.
Investment consultant AndCo Consulting will assist.