US - The Pension Benefit Guaranty Corporation (PBGC) has hired three managers to manage a combined US$2.5bn in private equity and real estate assets.
PBGC director Charles Millard said: "They will be required to share information among themselves and give the PBGC unrestricted access to all intellectual firepower within their respective firms."
He added: "These relationships will benefit the PBGC, not only with private equity and real estate investments, but in risk analytics and mitigation, consolidated reporting and staff augmentation."
BlackRock will provide the PBGC with risk management services through BlackRock Solutions; GSAM said it will provide access to co-investment opportunities; and JPMorgan will add advisory services onto its asset management role.
The hirings are a result of a request for proposals issued on August 1.
In February, the organization implemented a new asset allocation which included a 10% allocation to alternative investments. The PBGC also allocated 45% of its assets to a diversified set of fixed-income investments and 45% to diversified equity investments.
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