Louisiana Municipal Police Employees Retirement System, Baton Rouge, will launch a search next week for a high-yield manager to run about $50 million, said Benjamin Huxen II, executive director and general counsel, in an email.
The $2.2 billion pension fund will issue an RFP on May 29 for a manager to replace Guggenheim Investments, which the board voted to terminate at its May 16 meeting. Mr. Huxen would not provide a reason for the termination, saying investment consultant NEPC recommended it.
The RFP will be posted on the website of NEPC, which is assisting in the search. A decision is expected in October.
Separately, Mr. Huxen said the board will likely vote at its June 20 meeting to make commitments of $20 million each to new funds managed by HarbourVest Partners and Warburg Pincus. The pension fund's most recent commitments to the managers were $12.5 million to HarbourVest Partners Co-Investment Fund IV in 2016 and $15 million to Warburg Pincus Private Equity XII in 2015.
As of Jan. 31, the pension fund's actual allocations to fixed income and private equity were 19.3% and 1.5%, respectively.