The Seattle City Employees’ Retirement System is looking for at least one infrastructure manager, says Jason Malinowski, chief investment officer for the $2.4 billion pension fund.
Seattle recently adopted a new asset allocation policy with a 3 percent allocation to infrastructure, spurring the search. “We are casting a wide net in the search by including open- and closed-end funds, as well as U.S., non-U.S., and global strategies,” says Malinowski.
The new asset allocation policy was approved at the pension fund’s board of administration meeting on April 9. The new target allocation is 48 percent public equities, 18 percent broad fixed income, 12 percent real estate, 9 percent private equity, 5 percent credit fixed income, 5 percent diversifying strategies and 3 percent infrastructure.