Louisiana Teachers' Retirement System, Baton Rouge, will conduct four searches in 2020 for equity managers to run a total of about $2.9 billion.
The $20.8 billion pension fund's board on Dec. 6 approved issuing four solicitations for proposals in 2020 due to the pending contract expirations of the current managers, said Dana Brown, director of public markets.
All current managers are invited to rebid, and the SFPs will be posted on TRSL's website.
The pension fund will issue an SFP following its Jan. 9 board meeting for an active domestic midcap value equity manager. WEDGE Capital Management currently runs a $335 million portfolio. Proposals will be due Feb. 10, with a selection scheduled for April 3.
Following its Feb. 6 board meeting, the pension fund will issue an SFP for active international small-cap equity managers. Dimensional Fund Advisors and Mondrian Investment Partners currently split a $650 million portfolio. Proposals will be due March 9, with a selection scheduled for May 8.
Following its Nov. 5 board meeting, the pension fund will issue an SFP for active domestic large-cap growth equity managers. Mellon Investments and Morgan Stanley Investment Management currently split a $1 billion portfolio. Proposals will be due Dec. 7, with a decision scheduled for sometime in February 2021.
Finally, following its Dec. 3 board meeting, the pension fund will issue an RFP for active emerging markets equity managers. Dimensional and Harding Loevner currently split a $925 million portfolio. Proposals will be due Jan. 11, 2021, with a selection scheduled for sometime in March 2021.
As of Oct. 31, the actual allocations to domestic equities, international equities and emerging markets equities were 28%, 12% and 7%, respectively.
Investment consultant Aon Hewitt Investment Consulting assists with all searches.