Louisiana Teachers' Retirement System, Baton Rouge, hired Western Asset Management to run up to $300 million in emerging markets debt, confirmed Dana Brown, director of public markets.
It is the $13.7 billion system's first such investment. Pacific Investment Management Co. and Franklin Templeton Investment Management were the other finalists. A solicitation for proposals was issued in February.
Separately, the retirement system's board approved private equity commitments of $50 million each to New Enterprise Associates 14 and Roark Capital Partners III. It is the system's first commitments to both managers, Mr. Brown said.
General consultant Hewitt EnnisKnupp assisted with all hires.
The board also named Albourne Partners, Hewitt EnnisKnupp and NEPC as finalists to be the fund's first hedge fund consultant. Mr. Brown said he expects the contract to be awarded by June 30. A solicitation for proposals was issued in March.