Wyoming State Loan and Investment Board, Cheyenne, approved the hiring of Westwood Global Investments to manage $400 million in active international equities and approved commitments totaling up to $250 million to two private investment funds.
The board approved the actions at its Oct. 3 meeting, according to notices on its website.
First, the board hired Westwood Global to manage an international equity portfolio that comprises two of Westwood Global’s strategies: developed markets ex-U.S. and emerging markets.
The board had conducted the search for an additional active international equity manager to complement incumbent active international equity managers Arrowstreet Capital and Harding Loevner, according to board meeting materials.
Funding will come from a partial redemption of the board’s investment in a passive international equity portfolio managed by Northern Trust Asset Management, bringing its total managed for the board to just below $1.4 billion.
Also, the board at its Oct. 3 meeting approved commitments of up to $150 million to private credit secondaries fund Pantheon Credit Opportunities III and up to $100 million to North Haven Private Equity Co-Investment Opportunities Fund III, a private equity co-investment fund managed by Morgan Stanley Investment Management.
Wyoming State Loan and Investment Board oversees a total of $30.3 billion in state assets, which includes the $11.5 billion Permanent Mineral Trust, $7.3 billion State Agency Pool of operating funds, $5.4 billion Common School Permanent Land Fund and $2.6 billion Workers Compensation Fund.
Investment consultant RVK assisted.
