Louisiana Teachers’ Retirement System, Baton Rouge, rehired PGIM Fixed Income to manage about $350 million in active domestic core fixed income, said Dana Brown, director of public markets.
The $17.1 billion pension fund issued a solicitation for proposals in February for two managers to run a total of $900 million due to the pending contract expirations of PGIM Fixed Income and J.P. Morgan Asset Management (JPM).
At its April 7 meeting to select finalists, the pension fund’s board eschewed finalist presentations for PGIM Fixed Income’s portfolio, and named JPMAM, currently managing about $550 million, and Baird Advisors, to make presentations at the May 4-5 meeting.
Investment consultant Aon Hewitt Investment Consulting assisted.
Separately, the pension fund committed up to $100 million to Carlyle Realty Partners VIII, an opportunistic real estate fund managed by Carlyle Group. The pension fund previously committed up to $50 million to Carlyle Realty Partners VII in July 2014.
The pension fund also committed up to $50 million each to Apollo European Principal Finance Fund III, a distressed debt fund managed by Apollo Global Management, and venture capital fund New Enterprise Associates 16. The pension fund previously committed up to $50 million to Apollo European Principal Finance Fund II in January 2012 and New Enterprise Associates 15 in March 2015.