State of Wisconsin Investment Board, Madison, announced manager hires and hedge fund investments totaling $1.26 billion, spokeswoman Vicki Hearing said in an email.
The board, which oversees $118.5 billion in assets, including the $100.2 billion Wisconsin Retirement System, hired AllianceBernstein to run a $402 million long-only global equity portfolio, TCW Group to run a $390 million emerging markets debt local currency portfolio and PGIM Fixed Income to run a $130 million long-only emerging markets debt portfolio.
Ms. Hearing could not provide information on funding sources.
The board also made direct hedge fund investments of $250 million in Silver Point Distressed Opportunity Institutional Partners, a credit-oriented hedge fund managed by Silver Point Capital; $50 million in Holocene Advisors Fund, a long/short equity hedge fund; and $17 million in PIMCO Global Credit Opportunities Bond Fund, a credit-oriented long/short hedge fund managed by Pacific Investment Management Co.
The board also approved additional investments of $15 million in Dorsal Capital Partners, a long/short equity hedge fund managed by Dorsal Capital Management; and $10 million in Davidson Kempner Institutional Partners, an event-driven multistrategy hedge fund managed by Davidson Kempner Capital Management. The board previously had $125 million and $70 million, respectively, invested in the funds.
The manager hires and investments fall within the board's $18.3 billion "funds alpha" allocation, which includes its $8.9 billion beta-one equity portfolio, $4.2 billion beta-one fixed-income portfolio and hedge funds.