Louisiana Teachers’ Retirement System, Baton Rouge, hired Harding Loevner to manage up to $350 million in active emerging markets equities, said Dana Brown, director of public markets.
The $16.3 billion pension fund conducted an invitation-only search earlier this year due to the announcement by incumbent Vontobel Asset Management that Rajiv Jain, co-CEO and CIO, would be leaving the firm in May.
The pension fund had originally intended to issue an open solicitation for proposals this summer because Vontobel’s contract, along with other emerging markets equity incumbent Dimensional Fund Advisors, was due to expire later this year. Dimensional was rehired to manage up to $350 million at the May 6 board meeting.
Vontobel did rebid for the services. Other finalists were Baillie Gifford and Schroder Investment Management.
Investment consultant Aon Hewitt Investment Consulting assisted.
Separately, the pension fund committed $75 million to BC European Cap X, a buyout fund managed by BC Partners, and $40 million to Sares-Regis Multifamily Value-Add Fund II, a value-added real estate fund managed by Sares-Regis Group.
Both are existing relationships for the pension fund. Information on the previous BC Partners commitment was unavailable, but the pension fund committed up to $20 million to Sares-Regis Multifamily Value-Add Fund in 2013.