Indiana Public Retirement System, Indianapolis, hired Pacific Investment Management Co. to run about $313 million in active emerging markets debt for its $34.8 billion defined benefit plan, the retirement system disclosed in an investment report included with materials for its board meeting Friday.
The system issued an RFP in March due to concerns with the performance of incumbent emerging markets debt manager Stone Harbor Investment Partners. The firm, which did submit a proposal according to a spokesman, was terminated effective Dec. 4, the same day as the new hiring.
A spokeswoman for Stone Harbor Investment Partners could not be immediately reached for comment.
As of Jan. 31, the pension plan's actual allocation to emerging markets debt was 3.1%.
The investment report also disclosed a commitment of $100 million to Wall Street Strategic Solutions I, a distressed debt fund managed by Goldman Sachs Group, and INPRS also made an additional investment of $50 million in Aeolus Property Catastrophe Keystone PF Fund, bringing the total invested in the hedge fund as of Jan. 31 to $101 million.
Finally, the report also disclosed two new commitments to co-investment funds: $15 million to Blackstone COF IV Co-Investment Fund, which invests alongside Blackstone Capital Opportunities Fund IV, a private credit fund managed by Blackstone Group; and $10 million to Bregal Sagemount II Co-Invest B, which invests alongside Bregal Sagemount II-B, a growth equity fund managed by Bregal Investments.
As of Jan. 31, the pension plan's actual allocations to private markets and absolute return were 12.3% and 9.9%, respectively.