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The firm has hired two managing directors to bolster its real estate debt strategy.
The funds are being moved to an international index fund managed by Fidelity Investments.
The plan approved a consultant switch at a board meeting today.
The search will be for index products covering “various strategies with differing fund and account types and across numerous geographies and markets.”
The fund closed with over $4 billion in commitments, exceeding its $2 billion initial target.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.
Global equity represents a new asset class for the retirement system.
The value-add real estate manager hired a new head of acquisitions for the Eastern region.
Jean-Charles Sambor leads a new six-person emerging market debt team as a complement to TT’s equities franchise.
The plan’s board will hear a recommendation to switch to outsourced cio services with a new firm next week.