Arizona Safety To Conduct Searches

The $6.7 billion Arizona Public Safety Personnel Retirement System (PSPRS) is gearing up to conduct searches as a result of a recently approved, more diverse asset mix, said Jim Hacking, executive director at the plan. He explained that the board approved the new targets at the recommendation of its consultant, Ennis, Knupp + Associates. Hacking said that U.S. equity commitments dropped from 65% to 44%. The reduction allowed the board to create allocations of 21% to non-U.S. equity and a 2% hybrid strategies allocation, which Hacking explained would allow the board to test new investment options. “We are putting a major focus on non-U.S. equity,” Hacking said. “There will be searches, but it’s not clear when.” Additionally, the board approved private equity commitments of $41 million and $10 million to Mid Ocean in side by side investments. $25 million was committed to Duff Ackerman & Goodrich’s Fund III, with another $10 million reserved for potential side-by-side opportunities with this fund.