Louisiana Teachers on lookout for equity manager, commits $275 million

Louisiana Teachers' Retirement System, Baton Rouge, is searching for an active international large-cap value equity manager to run about $425 million, said Dana Brown, director of public markets.

The $20.1 billion pension fund has issued a solicitation for proposals due to the pending contract expiration of current manager MFS Investment Management; the firm is invited to rebid.

The SFP is posted on the pension fund's website. Proposals are due at 4:30 p.m. CDT on March 11. Finalist presentations are expected to take place May 3, with a decision shortly thereafter.

Investment consultant Aon Hewitt Investment Consulting is assisting.

Separately, the pension fund committed up to $100 million each to Blackstone Capital Partners VIII, a buyout fund managed by Blackstone Group, and HPS Mezzanine Partners 2019, a private debt fund managed by HPS Investment Partners. The pension fund previously committed $50 million to Blackstone Real Estate Partners IX in November and up to $75 million to HPS Mezzanine Fund III in 2016.

Also, the pension fund committed up to $75 million to Summit Partners Growth Equity Fund X, a growth equity fund. The pension fund previously committed $75 million to Summit Partners Growth Equity Fund IX in 2015.

As of Nov. 30, the actual allocations to private equity/venture capital, real estate and private market debt were 14%, 8% and 6%, respectively.