Indiana Public Retirement System, Indianapolis, disclosed manager hires and commitments totaling $808 million in materials for its board meeting Friday.
The system's $30.7 billion pension fund hired Baillie Gifford and BlackRock to run $169 million each in active emerging markets equities.
Funding comes from the terminations of Schroders from a $258 million active emerging markets equity portfolio and BlackRock from a $149 million passive emerging markets equity portfolio.
The system issued an RFP in August 2019. The meeting materials did not provide a specific reason for terminating Schroders, but said terminating the passive BlackRock portfolio reflected the "team's desire to align the portfolio with the results of an active/passive study" by INPRS staff and investment consultant Verus Advisory.
Verus Advisory assisted with the search.
As of June 30, the actual allocation to public equities was 21.9%.
Also, the system committed $120 million to Waterfall Victoria Fund, a private credit fund managed by Waterfall Asset Management; $100 million each to Kayne Anderson Real Estate Opportunistic Debt Fund II, an opportunistic real estate fund managed by Kayne Anderson Capital Advisors, and Oaktree Opportunities Fund XI, a distressed debt fund managed by Oaktree Capital Management; and $75 million each GSO Capital Opportunities Fund IV, a mezzanine fund managed by GSO Capital Partners, and New Mountain Partners VI, a buyout and growth investment fund managed by New Mountain Capital.
As of June 30, the actual allocations to private markets and real estate were 12.2% and 6.8%, respectively.
Jeffrey Hutson, INPRS spokesman, could not be immediately reached for further information.