Indiana Public Retirement System, Indianapolis, invested or committed a total of $248 million to five alternative strategies managed by four existing managers and redeemed from or terminated three managers with aggregate assets of $232 million from the system's $29.4 billion defined benefit plan.
Investment officers of the fund, who have investment discretion, informed trustees about commitments totaling $100 million to two real estate managers they awarded between meetings, a Friday board meeting report showed.
From the pension fund's $1.8 billion real estate portfolio, RockPoint Group received a $50 million commitment to RockPoint Real Estate Fund VI. The fund's portfolio managers will seek high-quality properties in U.S. coastal markets and will focus on increasing their value though "aggressive asset management," the INPRS report said.
Asana Partners received a $50 million commitment to Asana Partners Fund II, a real estate strategy that will invest in “neighborhood street retail” properties in affluent areas with high population growth and density, the report said.
The pension fund committed a total of $98 million to two related private equity funds managed by York Capital Management from its $3.7 billion private equity portfolio.
York Special Opportunities Fund III-A received a $70 million commitment, and $28 million was earmarked for YSOF III Prairie Coinvest.
The main York fund seeks control investments in misunderstood and out-of-favor companies in North America. The companion co-investment fund will invest in select deals alongside the main fund.
From the pension fund's $2.9 billion absolute-return portfolio, INPRS investment officers invested an additional $50 million in Rokos Capital Management's Rokos Global Macro Fund, bringing the total invested in the fund to $153 million.
INPRS staff terminated Jackson Square Partners for a $130 million actively managed, concentrated, U.S. all-cap equity fund from the pension plan's $6.1 billion global public equity portfolio. The firm was terminated for underperformance and because INPRS' investment team wants "to align the portfolio with the results of the active/passive study" the team conducted with the assistance of Verus Advisory, the retirement system's investment consultant, according to the board report. Victoria Odinotska, a Jackson Square spokeswoman, declined to comment on the firm's termination.
The pension fund also redeemed all of the $55 million invested in Oceanwood Opportunities Fund, an event-driven hedge fund managed by Oceanwood Capital Management, for performance reasons, the report said. Oceanwood spokesman Rob White did not respond to a request for reaction from the firm to INPRS' redemption.
The retirement system's investment team redeemed $47 million from a catastrophe fund managed by Aeolus Capital Management. The staff said in the board report that "the fund is no longer a strategic fit for the portfolio."
