The selected firm will serve for an initial two-year term.
The plan adjusted its asset allocation policy to reflect its progress toward an 11% long-term private equity target and also approved two commitments in September.
The commitment represents a new relationship for the plan.
The firm was first hired in 2016.
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The firm had been on watch since the third quarter of 2019 due to underperformance.
The plan recently increased its domestic equity targets by reducing its floating rate corporate loans target.
He had been with the firm for 23 years.
She joined the firm in 2020 as a principal.
The transaction marks iM Global Partner’s ninth partnership.