Fortress Investment Group and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital, have completed the acquisition of 90.01% of the equity of Fortress from SoftBank Group Corp.
The plan launched a search last year to replace its underperforming incumbent.
The plans issued an RFP last month after their outsourced cio was acquired and exited the municipal business.
The plan approved an asset allocation in March that introduced new targets to international small-cap equity and infrastructure.
The investment was made through the Petershill program, which provides capital to leading alternative asset managers.
The plan also terminated a bank loan manager at its March board meeting.
Firms can submit a proposal for either or both pension plans.
The firm will provide investment management and advisory services for the city’s $157 million investment portfolio of operating and capital funds.
The redemption followed a new asset allocation approved last month that lowered the plan’s real estate target.
The city is seeking firms to provide investment advisory and/or management services.