Indiana Public Retirement System, Indianapolis, hired active fixed-income managers Oak Hill Advisors and Oaktree Capital Management to run $250 million and $100 million, respectively, in credit strategies, said David Cooper, chief investment officer at the $29.9 billion pension fund.
Partial funding came from the termination in June of active domestic small-cap equity manager Loomis Sayles, which ran $94 million; the remainder came from reducing a Goldman Sachs Asset Management core-plus fixed-income portfolio to $257 million. Loomis Sayles continues to manage $251 million in active domestic core-plus fixed income. As of Jan. 31, the pension fund had 21.9% of its assets in ex-inflation-linked fixed income.
Separately, the pension fund terminated active domestic large-cap growth equity managers Barrow, Hanley, Mewhinney & Strauss and J.P. Morgan Asset Management, and active EAFE equity managers Gryphon Investment Management and Mondrian Investment Partners.
Barrow Hanley ran $136 million and J.P. Morgan handled $123 million; Gryphon managed $249 million and Mondrian, $168 million.
The domestic equity assets were moved to a $1.28 billion passive domestic large-cap equity portfolio managed by RhumbLine Advisers, while assets from the EAFE managers were shifted to a $418 million passive international developed markets equity fund managed by BlackRock. Mr. Cooper said the pension fund wanted to move to passive management for the assets. INPRS had 22.3% of its assets in global equities as of Jan. 31.
The pension fund also made a follow-on commitment of up to $25 million to Brentwood Associates Private Equity Fund V, increasing the total commitment to $75 million. INPRS had 12.9% in private equity as of Jan. 31.