Alternatives
Artificial intelligence investments and digital assets are driving outperformance for large university endowments, which reported fiscal year 2025 returns around 11% or 12% on average.
The commitment to an existing investment manager was made as the fund is underweight its strategic target to the asset class.
The firm recently held the initial close of its flagship fund as it looks to complete its $500 million fundraise for the strategy in 2026.
The plan disclosed new commitments totaling $525 million at its board meeting last week.
The search will be conducted to replace a recently terminated hedge fund manager.
The retirement board made $250 million in total commitments over the last two quarters.
The plan added commitments with two new hedge fund managers and two existing real estate managers this summer.
The university is considering selling a portion of its private equity portfolio as it looks to reposition its endowment under its new investment head, who began in the role last year.
The university also made redemptions from domestic and emerging markets equity managers.
The plan also reviewed proposed alternatives commitments of up to $995 million this week.