Searches and Hires

Louisiana Teachers in hunt for small-cap growth manager

Louisiana Teachers' Retirement System, Baton Rouge, is searching for an active domestic small-cap growth equity manager to run about $350 million, said Dana Brown, director of public markets.

The $18.7 billion pension fund has issued a solicitation for proposals because the contract of current manager AllianceBernstein (AB) is expiring. The firm is invited to rebid.

Proposals are due at 4:30 p.m. CDT on Oct. 9. A decision is expected on Dec. 1.

The SFP is available on the pension fund's website.

Also, the pension fund hired Brookfield Investment Management and Dimensional Fund Advisors to run $200 million each in real estate investment trust portfolios.

The pension fund issued an SFP in June for its first REIT managers. Funding will come from domestic equities. Specific details have yet to be determined; no managers will be terminated. Other finalists were AEW Capital Management and Principal Real Estate Investors.

Investment consultant Aon Hewitt Investment Consulting assists with all searches.

Separately, the pension fund committed up to $75 million each to Kayne Anderson Real Estate Partners V, an opportunistic real estate fund managed by Kayne Anderson Capital Advisors, and TPG Growth IV, a growth equity fund. The pension fund previously committed up to $35 million to Kayne Anderson Real Estate Partners IV in 2015 and up to $75 million in 2015 and $25 million in 2016 to buyout fund TPG Partners VII.

Also, the pension fund committed up to $50 million each to Abraaj Private Equity Fund VI, a buyout fund managed by The Abraaj Group, and Stonepeak Infrastructure Partners III. The pension fund previously hired The Abraaj Group in 2014 to run a customized separate account to invest a total of $100 million in various buyout funds. Stonepeak is a first-time commitment.