The plan will also target more $720 million to alternative funds in 2023.
The plan will seek board approval to terminate a high-yield fixed-income manager and an emerging markets equity manager.
The plan may conduct a search to replace its current underperforming hedge fund-of-funds.
The plan is set to commit $20 million annual over the next five years.
The plan is set to commit up to $850 million to private equity next year.
The new firm will manage approximately more than half of the plan’s assets.
The selected manager will handle proceeds from an upcoming bond sale.
The plan last conducted a similar search in 2014, which resulted in the hire of its two incumbents.
The plan will issue the RFP after making its first investment in the asset class.