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The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The retirement system added a maiden 5% private credit target as part of a newly approved asset allocation in September.
Brenda Le has joined Oliver Luxxe Assets as head of institutional business development.
The pension fund is searching for a real assets investment officer to join its team.
The recommended core bond hire represents “one of the final steps in realizing the restructuring of KCERA’s overall fixed income portfolio” from 2023.
The plan launched a search last year following the creation of a new 11% sub-asset class target.
The fund approved issuing RFPs for infrastructure strategies and private equity strategies in December at its November board meeting.
The largest university and college endowments experienced double-digit gains in two consecutive years drive by a return to long-term trends like large private equity allocations.
The investment program was created earlier this year to provide state entities with funds for opportunities to invest in private equity funds, venture capital, growth funds and direct investments in companies based in the state.
The seminary hired a cfo to oversee its fiscal planning, financial management and budget development after its previous finance head left last year to serve as a nonprofit management consultant.