Indiana Public Retirement System, Indianapolis, announced the hiring of four active international ex-China equity managers to run a total of just over $2.5 billion and two alternative commitments totaling $180 million for its $41.3 billion defined benefit plan.
The retirement system announced the hirings in materials for its June 21 board meeting.
For the international equity managers, the retirement system had issued an RFP in July 2023. Investment staff approved renewing the contracts of existing managers Arrowstreet Capital, Altrinsic Global Advisors and Baillie Gifford, which run $945 million, $630 million and $630 million, respectively, and also hired new manager Acadian Asset Management to run $315 million, all in strategies benchmarked to the MSCI ACWI ex-U.S. ex-China index.
Acadian is an additional manager to complement the other managers, and its portfolio is funded from reductions in the other three managers’ prior portfolios.
As of April 30, the pension plan’s actual allocation to public equities was 18.3%.
Also, INPRS disclosed commitments of $150 million to Apollo Origination Partnership II, a direct lending fund managed by Apollo Global Management, and $30 million to Project Compass, a private equity co-investment alongside manager Veritas Capital Fund Management.
As of April 30, the actual allocation to private markets was 16.6%.
