Louisiana Teachers' Retirement System, Baton Rouge, is searching for two active domestic large-cap growth equity managers to split a total of about $1.4 billion for its $25.4 billion defined benefit plan and an investment consultant for its $2.7 billion 401(a) plan, said Dana Brown, director of public markets.
The retirement system has issued a solicitation for proposals for large-cap growth equity managers to run about $700 million each because of the pending expiration of the contracts of current managers Mellon Investments and Morgan Stanley Investment Management. Both managers are invited to rebid.
As of April 30, the pension plan's actual allocation to domestic equities was 28%.
The SFP is available on the retirement system's website. Proposals are due at 4:30 p.m. CDT on July 12. A selection is expected Sept. 9.
Investment consultant Aon Investments USA is assisting.
The retirement system also issued an SFP for an investment consultant for its 401(a) plan. The system originally issued a single SFP in March for consultants for the pension plan and 401(a) plan. The board rehired incumbent consultant Aon in May and elected to issue an SFP for the 401(a) plan investment consulting services only.
The retirement system is conducting the search due to the impending expiration of Mercer's contract. The firm is invited to rebid.
The SFP is available on TRSL's website. Proposals are due at 4:30 p.m. CDT on July 12. A selection is expected Oct. 8.
Separately, at its board meeting Thursday, the retirement system approved commitments of up to $100 million to North Haven Credit Partners III, a private credit fund managed by Morgan Stanley Investment Management, and up to $50 million to Marathon Healthcare Finance Fund, a private credit fund managed by Marathon Asset Management.
As of April 30, the actual allocation to alternative assets was 29%.