BlackRock will manage the assets until the $25.2 billion pension fund hires a new manager, said Karl Koch, IPERS chief investment officer.
BlackRock is one of IPERS' three transition managers.
IPERS plans to make a decision in September as a result of an RFP it issued in April for a manager to run $600 million to $650 million in active long-only U.S. large-cap growth equity.
Funding came from RCM Capital Management, which has been terminated.
Wilshire Associates, the pension fund's investment consultant, is assisting in the search.