Louisiana Teachers' Retirement System, Baton Rouge, is searching for active international equity managers to run a total of $1.2 billion and active domestic smidcap core equity managers to run a total of $600 million, said Dana Brown, director of public markets.
The $19.3 billion pension fund issued solicitations for proposals because of the pending expiration of current managers' contracts; all are invited to rebid. Baillie Gifford and LSV Asset Management currently split the active international equity portfolio, while Westwood Capital Management and William Blair & Co. split the active domestic smidcap core equity portfolio.
Mr. Brown said the pension fund currently plans to hire two managers for each portfolio.
Proposals for both searches are due at 4:30 p.m. CST on Feb. 5. Finalist interviews are tentatively scheduled for April 5, with a decision to follow shortly thereafter.
The SFPs are both available on the pension fund's website.
Investment consultant Aon Hewitt Investment Consulting is assisting.
Separately, the pension fund committed up to $100 million each to buyout fund American Securities Partners VIII and private equity fund Thomas H. Lee Equity Fund VIII, managed by Thomas H. Lee Partners, and $50 million each to BCP Fund II, a private equity fund managed by Bernhard Capital Partners Management, and energy private equity fund LS Power Equity Partners IV, managed by LS Power Equity Advisors.
The pension fund previously committed up to $100 million to American Securities Partners VII in 2014, up to $100 million to Thomas H. Lee Equity Fund VII in 2015 and up to $50 million to LS Power Equity Partners III in 2014. The pension fund has not made any previous commitments to funds managed by Bernhard Capital Partners.