The plan is looking to invest up to $175 million initially with the selected manager.
The plan disclosed two private equity commitments at a board meeting yesterday.
The new asset allocation includes slight increases to several portfolios.
The private markets firm secured more than $3.2 billion in capital commitments for the program.
Miller Value Partners announced today the completion of the acquisition of a majority stake in the firm by Bill Miller IV.
The plan hired a new investment advisor at a meeting earlier this month.
The plan terminated its domestic small- to mid-cap value equity manager at today’s meeting.
The plan opted to retain its incumbent investment consultant at a meeting last month.
The plan approved private equity and non-core real estate commitments at today’s meeting.