Louisiana Teachers’ Retirement System, Baton Rouge, hired William Blair to manage about $250 million in active domestic smidcap core equities, said Dana Brown, director of public markets.
The $17 billion pension fund issued a solicitation for proposals in June because incumbent smidcap core manager Westwood Management’s contract was due to expire; Westwood was rehired at the pension fund’s Aug. 7 board meeting. The board at that same meeting voted to interview three managers for consideration as a second smidcap core manager. Frontier Capital Management and Quantitative Management Associates were the other managers interviewed.
Westwood, whose core portfolio has a value tilt, and William Blair, whose portfolio tilts more toward growth, will split Westwood’s previous $500 million portfolio.
Investment consultant Aon Hewitt Investment Consulting assisted.
Separately, the pension fund committed $75 million each to Colony Distressed Credit & Special Situations Fund IV, a real estate debt fund managed by Colony Capital, and Summit Partners Growth Equity Fund IX, a private equity fund.
The pension fund also committed $50 million to real estate fund Crow Holdings Realty Partners VII, managed by Crow Holdings Capital.
Also, the pension fund named three finalists in its search for an investment consultant. The pension fund issued a solicitation for proposals in July due to the pending expiration of Aon Hewitt’s contract; that firm, as well as Meketa Investment Group and Mercer, will make presentations at the board’s Oct. 2 meeting.
