San Mateo County Employees' Retirement Association, Redwood City, Calif., will invest 3% of total plan assets, or approximately $177 million, in a passive, long-duration U.S. Treasury strategy managed by NISA Investment Advisors of St. Louis.
The decision was made at SAMCERA's board meeting on Tuesday, according to a Wednesday news release.
According to an information packet for the meeting, the board in February approved an updated asset allocation policy which included the addition of a long-duration U.S. Treasury allocation as part of the defensive fixed-income portfolio and diversifying assets category.
NISA managed a total of $470 billion in assets as of March 31, with more than $290 billion in physical fixed-income assets.
NISA was among six managers the board had considered, with the others comprising BlackRock, State Street Global Advisors, FIAM, Northern Trust and Vanguard.
According to a Wednesday news release issued by SamCERA, at the meeting the board also approved a $60 million investment to One William Street Capital Partners Fund, as part of SamCERA's opportunistic credit portfolio within the growth category.
This fund is managed by One William Street Capital Management of New York.
Finally, the board approved a commitment of $20 million to MGG Structured Solutions Fund II, as part of SamCERA's debt-related/special situations portfolio within private equity under the growth category.
MGG Structured Solutions Fund is a direct lending fund managed by MGG Investment Group in New York.
SamCERA has about $5.9 billion in assets, according to the information packet.
