The partnership will enhance AMG’s exposure to secular growth areas and facilitate an increase in Ara Partners’ management equity ownership in the firm.
The plan will consider issuing a general investment consultant RFP due to an upcoming contract expiration.
The plans recently replaced a domestic mid-cap growth equity manager due to underperformance and hired a sustainable equity manager.
The investment advisor will serve for an initial three-year term with the option to renew for two additional one-year terms.
The new investment consultant was hired last week following a search that was relaunched in May.
He will lead Stone-Goff’s origination efforts focused on investment opportunities in coordination with its senior deal-team.
The pension plan agreed to increase its global equities target by reducing its global private equity target from Oct. 1 through Dec. 31, 2024.
The pension plan’s hedge fund committee considered four commitments and a manager termination at its meeting this month.
The fund closed at its hard cap of $600 million in under four months.
The pension plan recently committed $280 million total to credit and real estate funds.