The fund approved a revision to its investment policy statement to lift its prohibition of privately placed securities as requested by one its international large-cap equity managers and recommended by its general investment consultant.
The university approved distressed debt and private equity commitments with existing managers within its endowment at its May investment committee meeting.
The fund is expected to notify one of its managers of its placement on the state’s initial list of 13 financial institutions that are banned from state contracts due to their boycotts of fossil fuel companies or failure to reply to a questionnaire.
The university will transition to a new core investment menu in early June for its defined contribution plan, 403(b) plan and student employee retirement plans with a sole administrator handling oversight.
The firm recently held a first close of its climate private equity strategy with $500 million in capital commitments.
The fund approved closing its investment in an emerging markets index strategy and transferring the proceeds into a passive vehicle with two sleeves with an existing manager.
The university hired a new vice chancellor for finance and administration from a nearby institution, which is now conducting a search for their successor.
The healthcare system selected a new consultant to oversee its operating and pension funds following a search from last year and the firm will conduct an asset allocation study in its first year of engagement.
The university updated the 2023 fiscal year investment policy targets for its endowment, increasing its targets to private equity and absolute return.
The third opportunity zone fund comes after the firm held the final close of its second opportunity zone strategy in excess of its predecessor fund.