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The hire follows the creation of a 7.5% target to the asset class earlier this year.
The plan also approved $320 million in alternatives investments at this week’s meetings.
The plan’s incumbent domestic small- to mid-cap core equity manager had been gradually underperforming the benchmark.
The pension fund approved three commitments to existing manager relationships this week.
The foundation has hired Mount Holyoke’s director of investments as its next investment head as its cio is stepping away after nearly two decades of service.
The retirement plan recently terminated two underperforming domestic equity managers.
The retirement system has already begun a search for his successor.
The plan selected a fund from a search report that included both secondaries and fund-of-funds options.
The retirement plan’s current consultant agreement has been in place since 2017.
Fund IV closes with $865 million in commitments, the largest in the firm’s history.