House Bill 506 shifts sole responsibility of the investment decisions for the state pension fund from the treasurer to a newly created, multi-member investment authority.
The retirement system will interview three general investment consultant finalists next month.
The retirement system approved private equity commitments across two managers at today’s board meeting.
The plan hired a new domestic fixed-income manager earlier this year.
The retirement system added a new 10% target to the asset class in May.
The city does not currently utilize an investment advisor for its $455 million in cash and investments.
Plan terminated an emerging markets equity manager earlier this year due to underperformance.
The search is being conducted ahead of its incumbent’s contract expiration.
The authority is seeking the services for its $13 million deferred compensation and $11 million defined contribution plans.
Churchill Asset Management raised $1.5 billion in LP commitments for its second co-investment fund.