Plan made several manager changes to its equity portfolio as part of a transition conducted by its new general investment consultant.
The plan appears to be seeking its first passive investments in equities and bonds.
The plan created a maiden high-yield fixed-income allocation as part of a new target asset allocation.
The plan will also begin a search for a Standard & Poor’s 500 Index manager.
The plan will begin a domestic small-cap growth equity search in the next couple of weeks to be followed by core bond and small-cap value searches.
The executive director is leaving after more than 8 years in the position.
The plan committed to a lower middle market buyout fund this month.
The new structure results in three manager terminations.
The plan will interview finalists for its diverse private equity fund-of-funds search next month and tentatively selected a winner in its emerging markets equity search.
The commitments satisfy its 2021 pacing plan.