Louisiana Fire invests in venture-cap strategy

Louisiana Firefighters’ Retirement System, Baton Rouge, voted to invest $25 million in a new crossover strategy run by venture capital manager Montagu Newhall, according to recently released minutes of the $1.1 billion system’s Nov. 8 board meeting. Funding will come from reducing portfolios run by domestic equity managers Northern Trust and AXA Rosenberg by $12.5 million each. As of Nov. 30, Northern Trust ran $101 million in two portfolios for the system and AXA, $44 million, according to a system investment report.