Absolute Return
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.
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.
He will be responsible for the performance of BNPP AM’s flexible and absolute return funds.
The managing director of public markets and absolute return is retiring after more than 23 years at the institution.
The plan approved a credit commitment with an existing manager and an internally managed absolute return allocation last week.
The plan redeemed an absolute return investment and disclosed five private markets commitment.
The plan disclosed several new private commitments in addition to two absolute return manager redemptions at its meeting Friday.
A university in the Great Lakes region will consider making venture capital and absolute return commitments with new managers within its long-term portfolio at its board meeting today.
The plan terminated the sole manager handling its $169 million portfolio.
The plan re-upped with existing private equity and absolute return managers at today’s meeting.