New York State Teachers' Retirement System, Albany, hired Principal Real Estate Investors and Heitman to manage a total of $650 million in domestic real estate public securities portfolios.
The $146.1 billion pension fund's board approved the manager hirings at its Oct. 28 meeting, spokeswoman Heidi Brennan said in an email.
Principal will manage $500 million, while Heitman will run $150 million, with both portfolios benchmarked to the FTSE NAREIT Equity index.
The board also approved hiring Goldman Sachs Asset Management to run $100 million in active Indian equities, Ms. Brennan said. The portfolio will be benchmarked to the MSCI India Investible Market index.
Funding sources were not provided.
Separately, the board approved one-year contract renewals with passive international equity managers BlackRock and State Street Global Advisors, which run $8.3 billion and $8.1 billion, respectively, and with effective dates of Dec. 12 and Feb. 18, 2022, respectively.
Other one-year contract renewals approved by the board at the meeting were:
- AQR Capital Management, $1.1 billion in active international equities, effective Jan. 6, 2022.
- Harding Loevner, $1.6 billion in active global equities, effective Feb. 27, 2022.
- Marathon Asset Management, $541 million in active international equities, effective Jan. 21, 2022.
- Nomura Asset Management, $350 million in domestic high-yield fixed income, effective Nov. 27.
