The pension plan hired a multi-sector fixed-income manager to replace a core-plus manager in March.
The retirement plans have been working with general investment consultant Bolton Investment since 2003.
The firm’s latest fundraise will allow it to “target 5-7 businesses that the team is excited to own and build.”
The city expects to commence a contract on Nov. 1.
The plans placed Wellington Management Company on watch this week due to the upcoming retirement of a partner and equity research analyst.
The firm will assist the plan with its search to replace Executive Director Ron Baker, who was terminated from the role in May.
The pension plan hired the firm based on its favorable returns, low fees, diversification and low correlation to existing active core-plus fixed-income manager Loomis, Sayles & Company.
The manager will fill maiden targets of 5% to international small-cap equity for each plan.
He officially took on the newly created role in April.
The pension plan committed up to $40 million to an existing manager relationship yesterday.