Louisiana Teachers' Retirement System, Baton Rouge, hired Putnam Investments to manage about $600 million in active domestic large-cap value equities and approved two new private equity commitments totaling up to $125 million.
The $25.2 billion pension fund's board approved the hirings and commitments at its Oct. 6 meeting, spokeswoman Michelle Millhollon said.
For the large-cap value equity portfolio, the pension fund had issued a solicitation for proposals in June due to the upcoming expiration of the contracts of incumbents LSV Asset Management and Macquarie Investment Management. The board rehired LSV Asset Management at its Aug. 31 meeting.
Macquarie Investment Management did rebid for the services but was not named a finalist for the other portfolio. The other finalists were Aristotle Capital Management and Wellington Management.
As of June 30, the actual allocation to domestic equities was 23%; the target is 22%.
Investment consultant Aon Investments USA assisted with the large-cap value equity search.
Also at its Oct. 6 meeting, the board approved commitments of up to $75 million to large-cap buyout fund Hellman & Friedman Capital Partners XI and up to $50 million to Insight Partners XIII, a venture capital and growth equity fund.
TRSL previously committed up to $50 million to Hellman & Friedman Capital Partners X and up to $50 million to Insight Partners XII, both in 2021.
As of June 30, the actual allocation to private equity/venture capital was 23%; the target is 19%.
