Louisiana Teachers' Retirement System, Baton Rouge, approved new manager hires and alternative fund commitments totaling just over $1.2 billion, spokeswoman Michelle Millhollon said in an email.
The $23.8 billion pension fund rehired LSV Asset Management and MFS Investment Management to run $425 million each in active international value equities, Ms. Millhollon said.
The pension fund issued a solicitation for proposals in October because the contracts of both managers were set to expire on Feb. 28, 2023. The pension fund's board at its Dec. 2 meeting decided to eschew finalist presentations and rehire the managers.
As of Oct. 31, the pension fund's actual allocation to international developed markets equities was 9%; the target is 8%.
Also, the pension fund committed up to $125 million to Carlyle Credit Opportunities Fund III, a middle-market direct lending fund managed by Carlyle Group; up to $100 million to Berkshire Bridge Loan Investors III, a real estate debt fund managed by Berkshire Residential Investments; and up to $75 million each to Harbert U.S. Real Estate Fund VIII, a real estate fund managed by Harbert Management, and value-added real estate fund Waterton Residential Property Venture XV.
Berkshire is a new manager for the pension fund. The pension fund previously committed up to $75 million to Carlyle Credit Opportunities Fund II in 2021, up to $75 million to Harbert U.S. Real Estate Fund VII in 2019, and up to $50 million to Waterton Residential Property Venture XIV in 2020.
As of Oct. 31, the actual allocations to real estate and private market debt were 13% and 8%, respectively; their respective targets are 15% and 9%.
