Alternatives
The pension fund approved up to $500 million in private markets commitments at a meeting today.
The institution is in a search for discretionary alternative investment management services for its portfolio, which has strategic allocations of 50% to marketable alternatives, 30% to private credit and 20% to private equity.
Evergreen funds have seen tremendous growth and interest in recent years, which the industry anticipates will continue as data entered in the second quarter of the year showed an uptick in commitments to these perpetual investment vehicles that provide institutions with positive attributes.
The retirement system will interview four private equity managers at an investment committee meeting this week.
The retirement plan is also expected to conduct a real estate manager search soon.
The retirement system has issued its RFP after initially approving the search in May.
The retirement association also recently committed $205 million across six new funds.
Meketa Investment Group currently provides the services for the retirement system.
The pension fund’s outsourced cio disclosed a pair of manager removals in the first quarter.
The plan also terminated two underperforming domestic equity managers.