Fresno (Calif.) City Retirement Systems hired Arcmont Asset Management to run $150 million in a private debt strategy.
A search was launched in the third quarter of 2019 "to take advantage of the slower, yet to be as crowded European private debt markets," said Robert Theller, retirement administrator for the $3.1 billion pension fund, in an email. It is a new allocation.
Alcentra, Ares Management, Intermediate Capital Group and Permira were the other finalists.
The city's retirement system boards also added an emerging markets equities strategy managed by Axiom Investors to their watchlist after learning that its lead portfolio manager is taking a medical leave of absence. Axiom manages $58 million in the strategy on behalf of the retirement systems.
