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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.
She will succeed the firm’s current cio, who is stepping into the ceo role, in 2025.
The termination followed changes to the plan’s real estate allocation, including its geographic weightings.
The plan interviewed a total of three firms last month.