The plan will issue the RFP due to the contract expiration of the incumbent.
The plan selected the firm to handle roughly $9 million following finalist presentations at today’s board meeting.
The plan’s board would prefer not to conduct an RFP and instead gather data informally.
The plan has gone across the globe to the New Zealand Superannuation Fund to hire Stephen Gilmore as its next investment head.
The plan made the manager change due to performance issues with the incumbent.
The new consultant will advise the board on asset allocation and provide performance analysis.
The alternatives platform will acquire a minority stake in the private credit firm launched by former
Northern Trust Asset Management President Shundrawn Thomas.
The plan will see its overall private markets target increase to 40% from 33%.
The plan made the commitment at its board meeting this month.
The board has been preparing to conduct the searches as it works toward a new asset allocation approved in 2021.