UK - The £2.6bn J Sainsbury Pension & Death Benefits Scheme has appointed the Boston-based HarbourVest and Adam Street Partners of Chicago to run private equity mandates.
With the latest appointments, the fund has completed its manager searches for the various alternative asset classes.
Geof Pearson, pensions manager of the fund refused to disclose the size of the private equity mandates but said that that amount, though small, would be raised over a period of time.
The fund has allocated 5% or £130m of its total portfolio to alternatives. Aberdeen Property Asset Managers has been hired to run a £31m property brief, while Lafayette and Financial Risk Management will manage a hedge fund brief amounting to less than £25m. Pearson added that the fund would also hire “atleast” two currency overlay managers later in the year.
“We will hire the currency overlay managers after we complete our ALM study. We have yet to decide the amount that we will allocate here, but it is the piece of the jigsaw that we are missing,” he said.
Frank Russell is the consultant to the fund.
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