El Paso (Texas) Firemen & Policemen Pension Fund hired PGIM Fixed Income as its first active emerging markets debt manager to run about $38 million.
The $1.5 billion pension fund's board approved a 2.5% allocation to PGIM at its Oct. 21 meeting, said Tyler Grossman, executive director.
Funding will come from core fixed income, Mr. Grossman said. No managers will be terminated.
As of June 30, the actual allocation to fixed income was 25.1%; the target is 25%.
Separately, the pension fund committed $11 million to Charlesbank Equity Fund X, a middle-market private equity fund managed by Charlesbank Capital Partners.
As of June 30, the actual allocation to private equity was 11%; the target is 10%.
Investment consultant AndCo Consulting assisted.
