Indiana Public Retirement System, Indianapolis, hired Artisan Partners to run $241 million in active domestic small-cap value equities and rehired TimesSquare Capital Management to run the same amount in small-cap growth.
Funding came from the termination of active domestic small-cap managers DePrince Race & Zollo, which ran $70 million in a value strategy; Columbus Circle Investors, which managed $72 million in growth; and core managers Loomis Sayles & Co., $94 million, and CS McKee, $55 million.
About $50 million was added to TimesSquare’s previous portfolio.
The four managers had been on watch for performance, David Cooper, chief investment officer of the $30.3 billion pension fund, said at a Sept. 12 board meeting. DePrince Race & Zollo and Columbus Circle had rebid.
Erin Heard, spokeswoman at Loomis Sayles, said the firm does not comment on client activity. Officials at the other three terminated small-cap equity firms could not be reached for comment.
Separately, the pension fund’s board committed $75 million to Veritas Capital Fund Management’s Veritas Capital Fund V; and $50 million each to Vista Equity Partners Fund V; ABRY VIII, managed by ABRY Partners; and a Blackstone Group absolute-return fund. The Veritas, Vista and ABRY funds concentrate on buyouts.
