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October 24, 1997 01:00 AM

HIRINGS Sierra Pacific Power Co., Reno, Nev., hired five managers for...

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    HIRINGS

    Sierra Pacific Power Co., Reno, Nev., hired five managers for its $200 million defined benefit plan.

    Equity managers hired were: Putnam for $33 million in large-cap growth; Capital Guardian, $16 million in core international; Cadence Capital, $14 million in midcap growth; and Boston Co. for $14 million in midcap value. Funding comes from the termination of large-cap growth manager Chancellor's $55 million portfolio and the reduction of Boston Co.'s large-cap value portfolio to $33 million from $55 million. Sirach Capital will run $18 million in intermediate-term bonds, funded from existing long-term bond manager Loomis, Sayles, which continues to run $31.5 million. Callan assisted.

    Chancellor has gone through a number of changes in management and structure, so fund officials were just more comfortable with a new manager, said Mark Ruelle, CFO at Sierra Pacific. A Chancellor spokeswoman said,``The turnover works both ways ... we are hiring some really incredibly talented and very capable people.''

    Pennsylvania State Employes' Retirement System, Harrisburg, selected Alliance Capital and Montag & Caldwell as managers of the fund's $500 million large-cap growth equity portfolio. Alliance and Montag each will run $250 million, replacing Miller, Anderson & Sherrerd at the end of the year. RogersCasey assisted.

    The $20 billion fund also allocated up to $25 million to Keystone Ventures V, a venture capital fund. Cambridge Associates assisted. Funding will come from cash.

    Carpenters District Council of Greater St. Louis and Vicinity will invest $120 million in the new Builders ProLoan Mutual Fund distributed by Huntleigh Securities. Funding will come from the $775 million pension plan's current ProLoan program, which was the inspiration for the mutual fund. Like the ProLoan program, the mutual fund will provide loans for union-built homes. Commerce Bank is subadviser.

    New York State Teachers' Retirement System, Albany, invested $100 million in the Prudential Real Estate Investors' Strategic Value Investors fund, which recently closed with $685 million. Candace Ronesi, a system spokeswoman, said funding comes from cash.

    The $58 billion New York fund is among eight institutional investors that invested a total of $350 million in the Prudential fund.

    San Antonio (Texas) Fire & Police Pension Fund hired Capital International for $25 million in emerging markets stocks. The $922 million fund's allocation will be invested in Capital International's Emerging Markets Growth Fund. Funding will come from a reduction in a large-cap U.S. equities portfolio, but the unnamed manager was not terminated, said Weir Labatt, the fund's executive director. Towers Perrin assisted.

    Philadelphia Municipal Pension Fund, with $3.2 billion in assets, committed $1 million to GS Capital, a private equity fund sponsored by Safeguard Scientifics, according to minutes of a recent board meeting

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