Louisiana Teachers' Retirement System's board late last week approved two money manager searches for 2019 with about $775 million in assets at stake, said Dana Brown, director of public equities.
The $20.1 billion Baton Rouge-based pension fund will issue solicitations for proposals in January for an active domestic core-plus fixed-income manager to run about $350 million and in February for an active international large-cap value equity manager to run about $425 million.
The pension fund is conducting the searches due to the pending expirations of the contracts of current core-plus manager Loomis Sayles & Co. and current international large-cap value manager MFS Investment Management. Both will be invited to rebid.
The core-plus SFP will be issued on or around Jan. 11, with a due date of Feb. 11 and an expected decision date of April 5. The international large-cap value SFP will be issued on or around Feb. 8, with a due date of March 11 and an expected decision date of May 3.
The pension fund will post the SFPs on its website. Investment consultant Aon Hewitt Investment Consulting will be assisting.
Separately, the pension fund committed up to $75 million to Apollo Natural Resources Partners III, a private equity fund focused on opportunities in energy, metals, mining and other natural resources that is managed by Apollo Global Management. The pension fund previously committed up to $75 million to Apollo Natural Resources Partners II in 2015.
As of Sept. 30, the actual allocations to international developed markets equities, private equity/venture capital and domestic fixed income were 13%, 13% and 8%, respectively.
