State Teachers' Retirement Fund of Indiana, Indianapolis, will search...

State Teachers’ Retirement Fund of Indiana, Indianapolis, will search for an active U.S. large-cap growth and an active U.S. large-cap value manager to run $85 million each. RFPs should be issued in June, following the addition of four midcap U.S. equity managers, said Bob Newland, CIO for the $4.7 billion fund. Recently hired were: Conseco, for a $20 million midcap growth mandate; Putnam, $35 million, midcap growth; Valenzuela, $35 million, midcap value; and Franklin Portfolios, $35 million, core midcap equity. Funding for the large-cap and midcap hirings comes from a $960 million Barclay’s S&P 500 index portfolio. The hirings are the result of a recent asset allocation study. After the large-cap searches, trustees may complete a $138 million allocation to real estate by adding REITs, Mr. Newland said. The board initially discussed having a real estate allocation composed of direct holdings, but trustees preferred REITs in the new allocation. Action probably won’t be taken on the issue until late summer or early fall.