Indiana Public Retirement System, Indianapolis, hired Wasatch Advisors and Reinhart Partners to manage a total of $197 million in active domestic small-cap equities for its $44.9 billion defined benefit plan, according to an investment report included with May 2 board meeting materials.
Wasatch will manage $101 million in growth and Reinhart will run $96 million in value equities, the report said. The pension fund issued an RFP for small-cap equity managers in February 2024.
As a result of the new hires, INPRS terminated TimesSquare Capital Management from a $128 million active growth equity portfolio and RhumbLine Advisers from a $78 million passive value equity portfolio. The reasons for the terminations and details on the remaining $9 million from the terminated portfolios were not provided.
As of March 31, the pension plan’s actual allocation to public equities was 17.4%.
Separately, INPRS made a follow-on commitment of $100 million to Carlyle Property Investors, an open-end real estate fund managed by Carlyle Group. The pension fund originally committed $100 million to the fund in 2019.
INPRS also made a full redemption of its $132 million investment in open-end fund Blackstone Property Partners fund. The reason for the Blackstone redemption was not provided in the report.
As of March 31, the pension plan’s actual allocation to real assets was 9.8%.
INPRS spokesman Dimitri Kyser could not be immediately reached for further information.
