Illinois State Universities Retirement System, Champaign, hired Nipun Capital and William Blair & Co. to run $50 million each in active emerging markets equities.
The $23.3 billion pension fund's board approved the hirings at its Sept. 16 meeting, spokeswoman Beth A. Spencer said in an email.
Funding comes from the termination of State Street Global Advisors' $100 million passive emerging markets equities portfolio.
Ms. Spencer said the change was made because the board decided to move emerging markets equities to active management.
As of July 31, the pension fund's actual allocation to traditional growth was 36.3%; the long-term strategic policy target is 35%. The traditional growth asset class holds investments in global, domestic and international public equities.