Allocates $875 million to 4 managers
Louisiana Teachers' Retirement System, Baton Rouge, is searching for an active global high-yield manager to run about $525 million, said Dana Brown, director of public markets.
The $20.5 billion pension fund has issued a solicitation for proposals because of the impending contract expiration of current manager AllianceBernstein (AB); the firm is invited to rebid.
The SFP is available on the pension fund's website. Proposals are due at 4:30 p.m. CDT on May 7. Finalist interviews are scheduled for July 12, with a decision expected shortly thereafter.
Separately, the pension fund rehired Artisan Partners (APAM) to run about $450 million in active international large-cap growth equities. The pension fund issued an SFP in February because Artisan's contract was due to expire. The board at its meeting on Friday voted to rehire Artisan Partners, eschewing finalist presentations previously scheduled for May 3.
Also, the pension fund hired Quantitative Management Associates to run about $300 million in active domestic smidcap core equities. In January, the pension fund issued an SFP for its $600 million smidcap core equity portfolio; the board voted last month to retain incumbent manager William Blair for the other half of the portfolio. Westwood Capital Management, the other incumbent, did not rebid for the services. Other finalists were Great Lakes Advisors and Rothschild Asset Management.
Investment consultant Aon Hewitt Investment Consulting assists with all SFPs.
Separately, the pension fund committed up to $75 million to GSO Energy Select Opportunities Fund II, an energy fund managed by GSO Capital Partners, the credit-oriented division of Blackstone Group. The pension fund previously committed up to $75 million to the GSO Energy Select Opportunities Fund in 2015.
The pension fund also committed up to $50 million to Sares-Regis Multifamily Value-Add Fund III, a value-added real estate fund managed by Sares-Regis Group. The pension fund previously committed up to $40 million to Sares-Regis Multifamily Value-Add Fund II in 2016.