The plan will seek a real estate manager to handle $30 million to $60 million and recently hired a hedge fund-of-funds manager as part of new absolute return portfolio structure.
CPERA completed its fixed-income unitization project, which will reduce investment management fees for participants of its defined contribution plans.
The board terminated three domestic fixed-income strategies, which handled $1.2 billion total across its three plans.
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
The plan disclosed two recent commitments totaling $900 million and named a replacement for CFO Barry Faison, who will officially retire on Dec. 31.
The plan committed roughly $300 million total to four buyout strategies last week.
The plan committed $25 million to a new non-core real estate manager and approved a fiscal 2023 private markets pacing plan this month.
The plan recently made commitments with nine existing managers and one new manager.
The plan hired two new managers and disclosed five commitments at yesterday’s board meeting.
The plan authorized staff to issue the RFP in November and committed to an existing buyout manager at yesterday’s board meeting.