Louisiana Teachers' Retirement System, Baton Rouge, hired Invesco to run $300 million in an active emerging markets debt (local currency) portfolio, said Dana T. Brown, director of public markets.
The $25.9 billion pension fund issued a solicitation for proposals in April due to the upcoming expiration of Western Asset Management's contract on March 1, 2022.
The other finalists were Aberdeen Standard Investments and PGIM Fixed Income.
Mr. Brown said WAMCO was invited to rebid and did so.
As of May 31, the actual allocation to emerging markets debt was 11.6%.
Investment consultant Aon Investments USA assisted.
Separately, the pension fund's board Thursday approved commitments of up to $125 million to Blackstone Tactical Opportunities Fund IV, an opportunistic alternatives fund managed by Blackstone Group, and up to $50 million to Cabot Industrial Core Fund III, a real estate fund managed by Cabot Properties, Mr. Brown said.
TRSL previously committed up to $125 million to Blackstone Tactical Opportunities Fund III in 2017 and up to $50 million to Cabot Industrial Core Fund II in 2018.
As of May 31, the actual allocation to alternative assets & real estate was 37.5%.
