New York State Teachers' Retirement System, Albany, made $300 million in commitments to its fixed-income portfolio, splitting the transaction evenly between BlackRock and Pacific Investment Management Co.
The commitments will be via a global carbon transition bond portfolio mandate benchmarked to the Bloomberg Global Aggregate Corporate Bond Index, according to a vote by the pension's system's governing board Thursday.
The board also voted to make one-year renewals with existing investment managers:
- LSV Asset Management for $1.3 billion as an international equity manager benchmarked to the MSCI ACWI Ex-U.S. Index, effective July 25.
- LSV Asset Management for $851 million as a global equity manager benchmarked to the MSCI ACWI Index, effective July 25.
- Wellington Management for $945 million to manage a global fixed income mandate benchmarked to the Bloomberg Global Aggregate Float Adjusted Ex-CNY Bond Index, effective June 20.
- Adelante Capital Management for $256 million to actively invest in real estate investment trusts and real estate operating companies, effective July 1.
- Goldman Sachs Asset Management for $91 million as an active India equity manager benchmarked to the MSCI India IMI Index, effective July 5.
The board also renewed for one year its contract with J.P. Morgan Chase Bank, as an agency securities lender for a portion of the system's public securities assets, effective July 1.
The board reported unaudited assets of $133.7 billion for the three months ended March 31, the third quarter of the current fiscal year, compared with $146.9 billion for the year-ago quarter.
The net unaudited return for the three months ended Dec. 31 was 5.5% compared with a net unaudited return of 5.2% for the year-ago quarter.