Louisiana State Police Retirement System, Baton Rouge, plans to invest an additional $2.5 million with the Campbell Timber Group, said Irwin Felps, executive director of the $435 million system.
The system already has $5 million invested with Campbell. The additional commitment is contingent on Campbells purchase of 454,000 acres in Georgia, North Carolina, South Carolina, Oklahoma, Arkansas and Mississippi.
The system will not know if the bid has been accepted until late September, Mr. Felps said.
Separately, the systems board approved taking $8 million from the portfolio of fixed-income manager Orleans Capital Management to pay retirement benefits. With the reduction, Orleans will manage about $32 million for the system.
Also, the board on Aug. 20 will hear presentations on core-plus real estate, commodities and distressed debt fixed income at a meeting Aug. 20. JPMorgan will make the real estate presentation, Orleans Capital on commodities and Clinton Investment Management on distressed debt. Mr. Felps said the presentations are informational in nature.