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Global alternative investment manager Canyon Partners has sold a minority stake.
The manager will handle a portion of the county’s $600 million portfolio.
The plan invested $4.3 million with a new manager in the asset class in the fourth quarter.
The plan expects to commit a total of $75 million to the two strategies.
The selected firm will create and manage an investment portfolio and provide reporting and regular updates on portfolio performance, among other responsibilities.
The plan eliminated two hedge fund investments and will redistribute the funds to increased allocations with other portfolio managers.
The firm has successfully completed its acquisition of the outsourced cio business, which will expand its capabilities and expertise in providing investment solutions to nonprofits and institutional investors in the U.S.
Firm has appointed Mike Ungari as head of real estate.
The plans launched a search last year after news that its incumbent was being acquired.