SEARCHES AND HIRES

Louisiana Teachers seeks core-plus fixed-income manager

Pension fund also slates $775 million for bond manager, buyout funds

Louisiana Teachers' Retirement System, Baton Rouge, is searching for an active domestic core-plus fixed-income manager to run about $365 million, said Dana Brown, director of public markets.

The $17.8 billion pension fund issued a solicitation for proposals because of the pending contract expiration of current manager Loomis Sayles & Co., which is invited to rebid.

The SFP is available on the pension fund's website. Proposals are due at 4:30 p.m. CDT on June 5. A decision is expected Aug. 4.

Separately, the pension fund rehired J.P. Morgan Asset Management (JPM) to run $550 million in active domestic core fixed income.

The pension fund originally had issued an SFP in February for two managers to run a total of $900 million because the contracts of PGIM Fixed Income and J.P. Morgan Asset Management were expiring.

PGIM was rehired in April to run $350 million with no fellow finalists; JPMAM, along with finalist Baird Advisors, made presentations at the May 4 meeting.

Investment consultant Aon Hewitt Investment Consulting assists with all searches.

Separately, the pension fund committed up to $125 million to Apollo Investment Fund IX, a buyout fund managed by Apollo Global Management. The pension fund previously committed up to $125 million to Apollo Investment Fund VIII in 2013.

The pension fund also committed up to $100 million to CVC Capital Partners Fund VII, a European buyout fund. The pension fund previously committed up to $125 million to CVC Capital Partners VI in 2013.