Oklahoma Teachers' Retirement System, Oklahoma City, committed a total of $120 million to two non-core real estate funds and decided to merge its core-plus fixed-income and high-yield portfolios, Tom Spencer, executive director of the $16.1 billion pension fund, said in an email.
At its Wednesday meeting, the board agreed to commit $60 million apiece to AG Realty Value Fund X, a value-added real estate fund managed by Angelo, Gordon & Co., and Invesco Strategic Opportunities III, managed by Invesco Real Estate.
Also, the board voted to have fixed-income managers Loomis Sayles, Lord Abbett and MacKay Shields merge existing high-yield portfolios into core-plus mandates, and give the managers the latitude to decide how much high-yield exposure to carry in what now will be "core-plus: full discretion" portfolios.
Each of these managers has $600 million to $700 million in its core-plus portfolio, and $300 million to $350 million in its high-yield portfolio.
