The $44 billion Indiana Public Retirement System, Indianapolis, invested or committed $238 million to five money managers from its $36.7 billion defined benefit plan and $6.8 billion defined contribution plan, according to a report provided to trustees during a meeting Friday.
INPRS' investment team provided trustees with a list of investment manager commitments, investments and other changes they made with discretion.
Three existing private equity managers split a total of $198 million in commitments from the defined benefit plan's $5 billion private markets portfolio.
INPRS committed $125 million to Hellman & Friedman Capital Partners X, a large buyout fund that focuses primarily on control-oriented investments in North American and European companies
Veritas Capital Fund Management received a $60 million commitment to the Veritas Capital Vantage Fund, whose portfolio managers seek middle-market companies that provide critical products, services and software to government-related and commercial customers worldwide.
The system's private equity investment team also committed $13 million to Conan Co-invest. The fund will invest alongside Francisco Partners Agility II, a tech-focused middle-market tech fund, to which INPRS committed $30 million in June 2020.
Within INPRS' $6.8 billion defined contribution plan, INPRS adjusted the allocations to three fixed-income managers in the plan's $195 million fixed-income fund to increase active management to 50% from 40%, the report showed.
Existing active fixed-income core-plus managers Loomis Sayles & Co. and Pacific Investment Management Co. each were given an additional $20 million allocation, with the $40 million in funding coming from a passively managed strategy run by Northern Trust Asset Management.
After the change, INPRS' Mr. Kyser said the three firms split management of the DC plan fixed-income fund 50%/25%/25% compared to 60%/20%/20% by Northern Trust, Loomis Sayles and PIMCO, respectively.
In addition to the system's defined benefit and defined contribution plans, INPRS managed a total of $506 million in other funds for a total of $44 billion as of May 31.