The Louisiana Parochial Employees' Retirement System, Baton Rouge, has committed a total of $40 million to two opportunistic real estate funds, said Troy Searles, chief investment officer.
The $3.5 billion pension fund committed $20 million each to Oaktree Real Estate Opportunities Fund VII, managed by Oaktree Capital Management, and True North Real Estate Fund III, managed by True North Management Group.
Separately, the pension fund is conducting an invitation-only search for a global fixed-income manager to run $120 million. The search is the result of a new target allocation approved by the board in March, increasing fixed income to 34% from 28% and alternatives to 15% from 11%.
Funding will come from public equities, whose target dropped to 51% from 61%. No managers will be terminated.
Mr. Searles said investment consultant Segal Rogerscasey is providing a list of potential managers to a board meeting this fall.
