Ohio State Teachers' Retirement System, Columbus, hired MFS Investment Management and Payden & Rygel to run a total of $425 million in active emerging markets debt and disclosed a total of up to $275 million in alternative investment commitments.
The $76.3 billion pension fund issued an RFP for emerging markets debt managers in November 2018 and hired MFS to manage $300 million and Payden & Rygel to run $125 million, said Nick Treneff, pension fund spokesman, in an email.
Funding comes from cash and the termination of manager Stone Harbor Investment Partners, which managed about $300 million in active emerging markets debt.
Mr. Treneff declined to comment on the reason for the termination.
As of Sept. 30, the actual allocation to international equities was 23.1%; the target is 23%.
Separately, the pension fund committed up to $125 million to Tiger Iron Great River Fund 2, a venture capital fund of funds managed by Tiger Iron Capital.
The pension fund previously committed $250 million to Tiger Iron Great River Fund.
Also, the pension fund committed up to $50 million each to buyout funds Green Equity Investors VIII and Jade Equity Investors, both managed by Leonard Green & Partners, and up to $50 million to venture capital fund Moonrise China Partners II, managed by Moonrise Capital.
The pension fund previously committed $37.5 million to Moonrise China Partners I and has made commitments to the three prior Green Equity Investors funds.
As of Sept. 30, the actual allocation to private equity was 8.1%; the target is 7%.