Louisiana Teachers' Retirement System, Baton Rouge, rehired LSV Asset Management to run about $600 million in active domestic large-cap value equities and approved a new commitment to a direct lending fund managed by Blackstone.
The $25.2 billion pension fund's board approved the hiring and commitment at its Aug. 31 meeting, spokeswoman Michelle Millhollon said in an email.
The pension fund had issued a solicitation for proposals in June due to the upcoming expiration of the contracts of LSV Asset Management and the other incumbent Macquarie Investment Management.
Also at the Aug. 31 meeting, the board named Aristotle Capital Management, Putnam Investments and Wellington Management as finalists for the other portfolio. Ms. Millhollon did not say whether Macquarie rebid for the services and could not be immediately reached for further information.
The board is scheduled to interview finalists at its Oct. 5 meeting and make a selection shortly thereafter.
As of June 30, the actual allocation to domestic equities was 23%; the target is 22%.
Also at its Aug. 31 meeting, the board approved a commitment of up to $100 million to Blackstone Senior Direct Lending Fund. The pension fund has made multiple commitments to various Blackstone funds over the years, most recently committing up to $75 million to global buyout fund Blackstone Capital Partners IX in 2022.
As of June 30, the actual allocation to private market debt was 8%; the target is 9%.
