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The plan ended a 30-year relationship with a core-plus bond manager after changes from recent meetings reported out of closed session.
She is rejoining the firm after previously being a part of the investment banking division earlier in her career.
The plan made three follow-on commitments at this week’s board meeting.
The new hire most recently served as managing director of institutional consulting at First Republic Investment Management.
The search is being conducted to comply with state regulations.
Rupal Bhansali is leaving Ariel Investments after 12 years to start her own firm.
The retirement system made $275 million in new alternatives commitments in recent months.
The selection firm will provide services such as administration, record keeping and investments.
The plan’s current consultant was hired in 2016 following a similar search.
The state retirement system added a private equity-focused portfolio manager to its team this month.