Louisiana Teachers' Retirement System, Baton Rouge, rehired Brandywine Global Investment Management and Pacific Investment Management Co. to run about $600 million each in active global fixed income.
The $27.2 billion pension fund issued a solicitation for proposals in August due to the contracts of both managers expiring, and the board voted at its Oct. 8 meeting to eschew finalist presentations and rehire the incumbent managers, said Dana T. Brown, director of public markets.
As of Aug. 31, the pension fund's actual allocation to global fixed income was 6.8%.
Also at its Oct. 8 meeting, the board hired Baillie Gifford and T. Rowe Price Group to run about $325 million each in active domestic large-cap growth equities.
The board issued an SFP in June for two large-cap growth equity managers to run about $650 million each due to the pending expiration of the contracts of incumbents Morgan Stanley Investment Management and incumbent Mellon Investments.
At its Sept. 9 meeting, the board voted to rehire Morgan Stanley and split the other half of the large-cap growth equity portfolio between two managers. J.P. Morgan Asset Management was the third finalist. Mr. Brown said Mellon Investments did rebid for the services.
As of Aug. 31, the pension fund's actual allocation to domestic equities was 27%.
Investment consultant Aon Investments USA assisted with the searches.
Finally, the board at the Oct. 8 meeting approved commitments of up to $75 million to Kelso Investment Associates XI, a middle-market buyout fund managed by Kelso & Co.; up to $70 million to opportunistic real estate fund Centerbridge Partners Real Estate Fund II; and up to $65 million to Sares Regis Multifamily Value-Add Fund IV, a value-added real estate fund managed by Sares Regis Multifamily Funds.
As of Aug. 31, the pension fund's actual allocation to alternative assets and real estate was 39.3%.