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.
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.