All-Cap
The retirement system will conduct a full search for emerging managers-of-managers after reviewing a consultant presentation on available options at today’s meeting.
The search is being conducted to diversify the program’s investment lineup.
The pension plan hired an all-cap core equity manager to handle two mandates within its international equity portfolio yesterday.
The plan replaced its domestic all-cap equity manager, which had been on watch since April 2022 due to underperformance.
The pension plan shifted its emerging manager program to a U.S. small-cap equity mandate to increase its chances of achieving excess returns.
The pension plan’s current manager was hired in 2016.
The board was notified of two recent equity manager terminations and a new private equity commitment.
The hires conclude a search first approved in June.
Program had underperformed its custom benchmark net-of-fees since inception.
The university will consider investing in an international equity strategy that excludes fossil fuel companies and receive an education on private equity centered on the potential establishment of a maiden 10% target to the asset class.