Louisiana Teachers' Retirement System, Baton Rouge, is searching for an active domestic small-cap value equity manager to run about $400 million, said Dana Brown, director of public markets.
The $19.8 billion pension fund will issue a solicitation for proposals by March 5 because the contract of current manager Mesirow Financial is expiring. The firm is invited to rebid.
The SFP will be posted on the pension fund's website. Proposals will be due at 4:30 p.m. CDT on April 9. Finalist interviews are scheduled for June 7, with a decision expected shortly thereafter.
Separately, the pension fund rehired Baillie Gifford and LSV Asset Management to run about $600 million each in active international equities. The pension fund issued an SFP in January. The board decided at its Thursday meeting to eschew finalist presentations and rehire the two incumbent managers.
The pension fund also rehired William Blair & Co. to manage about $300 million in active domestic smidcap core equities. The pension fund had issued an SFP, also in January, for its $600 million smidcap core equity portfolio and voted to retain William Blair at the Thursday meeting. The other incumbent, Westwood Capital Management, did not rebid for the services. The board named Great Lakes Advisors, Quantitative Management Associates and Rothschild Asset Management as finalists to run the other $300 million. Presentations will take place at the pension fund's April 5 board meeting, with a decision expected shortly thereafter.
Investment consultant Aon Hewitt Investment Consulting assists with all solicitations for proposals.
Also, the pension fund committed up to $100 million to middle-market buyout fund Kelso Investment Associates X, managed by Kelso & Co. The pension fund previously committed up to $100 million to Kelso Investment Associates IX in 2016.
The pension fund also committed up to €75 million ($93.1 million) to ICG Europe Fund VII, a European-focused middle-market fund managed by Intermediate Capital Group. The pension fund committed up to €75 million to ICG Europe Fund VI in 2015.