El Paso (Texas) Firemen & Policemen Retirement Fund hired Nuance Investments to manage about $41 million in active domestic midcap value equity.
The $1.6 billion pension fund's board approved hiring its first-ever midcap equity manager at its Oct. 19 meeting, said Tyler Grossman, executive director, in an email.
Funding will come from reductions in the portfolios of the pension fund's large-cap and small-cap equity managers. No managers will be terminated, Mr. Grossman said.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 22.3%.
Also at the meeting, the pension fund's board approved a commitment of $15 million to Ironsides Co-Investment Fund VI, a North American middle-market buyout fund managed by Constitution Capital Partners.
It is the pension fund's first commitment to the manager, Mr. Grossman said.
As of Sept. 30, the pension fund's actual allocation to private equity was 23.4%.
Investment consultant AndCo Consulting assisted.
