INDIANAPOLIS Indiana Public Employees' Retirement Fund hired Artisan Partners to manage $300 million in active domestic midcap value equities, said Jeffrey D. Hutson, spokesman at the $17.2 billion fund. Funding came from terminating Brandes Investment Partners, which ran $413 million in an active domestic deep-value midcap style. The Indiana PERF board shifted the midcap mandate to relative value from deep value to better meet risk and diversification objectives, said Mr. Hutson. The rest of the Brandes proceeds were apportioned in a rebalancing across other asset classes to meet allocation targets, he added. Brandes will continue to manage $493 million in active global value equities for the fund. Mercer assisted.
The system also committed $75 million to Horsley Bridge IX, $40 million to Natural Gas Partners IX and $30 million to York Opportunity Fund, according to Mr. Hutson. The commitments are pending final due diligence. Funding will come from a reallocation from the overall fund as commitments are drawn, Mr. Hutson said.