Missouri Local Government Employees Retirement System, Jefferson City, disclosed manager hires and commitments totaling $377 million.
The $8.1 billion pension fund hired Aberdeen Standard Investments to run $120 million in active emerging markets debt and Walter Scott & Partners to run $77 million in active international equities, according to a news release Monday.
Aberdeen replaces Stone Harbor Investment Partners, and Walter Scott replaces Systematic Financial Management, the news release said. Brian K. Collett, chief investment officer, said in an email that Systematic closed the strategy and Stone Harbor was replaced due to performance concerns. Stone Harbor officials could not be immediately reached for comment.
As of June 30, the actual allocations to public equity and public fixed income were 21.8% and 16.8%, respectively.
Also, the pension fund committed $75 million each to ISQ Global Infrastructure Fund III, a global infrastructure fund managed by I Squared Capital, and Machine Real Estate Fund I, a real estate fund managed by Machine Investment Group; and $30 million to RCF Jolimont Mining Innovation Fund II, a natural resources fund managed by Jolimont Global Mining Systems, a joint venture between Jolimont Capital and Resource Capital Funds.
LAGERS previously committed $100 million to ISQ Global Infrastructure Fund II.
Machine Investment Group is led by former Garrison Investment Group real estate professionals Andy Kwon and Eric Rosenthal. LAGERS previously made commitments to three Garrison funds: $75 million to Garrison Real Estate Fund IV, $30 million to Garrison Real Estate Fund III and $45 million to Garrison Real Estate Fund II.
As of June 30, the actual allocation to private real assets was 27%.