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The pension plan committed $140 million total to two managers yesterday.
The firm closed its lower middle market private equity fund with $400 million in commitments.
The acquisition will provide PEM with enhanced growth opportunities.
The current head of the platform will retire early next year.
The search is open to fund-of-funds, co-investments and private debt strategies.
The plan named its new executive director from within the organization.
The institution is seeking firms to manage its investment portfolio, including researching, selecting and monitoring managers.
More than half, 58%, of endowment and foundations are currently invested in private market assets or are considering investing over the next 12 months, according to a survey.
The firm named a partner as head of its U.S. Northeast and Midwest endowment and foundation practice earlier this year.
The London-based investment firm focused on energy has acquired a U.S.-based private equity firm focused on sustainability investments.