Louisiana Teachers' Retirement System, Baton Rouge, hired Cohen & Steers to manage about $200 million in a global real estate investment trust portfolio, said Dana T. Brown, director of public markets, in an email.
The $25.4 billion pension fund had issued a solicitation for proposals in April for two global REIT managers to run about $200 million each due to the upcoming Sept. 6 expiration of the contracts of incumbent managers Dimensional Fund Advisors and Brookfield Asset Management.
The pension fund's board had approved the rehiring of Dimensional at its June 2 meeting. For the other half of the overall global REIT portfolio, the other finalist was CenterSquare Investment Management.
Brookfield did rebid for the services, Mr. Brown said.
As of May 31, the pension fund's actual allocation to global REITs was 15.5%.
Separately, the pension fund committed up to $75 million to buyout fund TPG Partners IX; and up to $50 million each to BCP Fund III, a private equity fund managed by Bernhard Capital Partners Management, and private equity fund Hark Capital IV.
The pension fund previously committed up to $50 million to TPG Partners VIII, up to $50 million to BCP Fund II in 2018, and up to $50 million to ASI Hark Capital III in 2020.
As of May 31, the pension fund's actual allocation to alternative assets and real estate was 47.6%.
