The selected manager will handle between $30 million and $50 million.
The plan is looking to invest up to $30 million with a secondary private equity fund manager.
The search is to potentially replace its incumbent emerging markets equity manager.
The plan hopes to begin the search in two months
The hire concludes a volatility risk premium manager search from last year.
The search is to replace its outgoing director, who plans to leave in June.
The hire is a result of a new asset allocation adopted last month.
The commitments were made in closed session at a special board meeting this week.
The search is due to the upcoming closure of its incumbent U.S. small-cap core equity manager.
The plan will invest in a newly formed local and minority-owned asset manager.