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The domestic small- and mid-cap equity firm lost a partner and core equity team member over the weekend.
The plan also granted staff discretionary authority to invest in GP-led secondary transactions.
The pension plan will consider replacing its REIT manager due to the firm’s underperformance.
He joins the firm with 25 years of industry experience, the last 15 of which were spent in senior roles across leveraged credit.
The selected firm will replace an incumbent that was terminated earlier this year.
The plan also decided to not continue with its REIT manager search.
The $20 million commitment results from an ongoing search in the space.
The vehicle closed at its hard cap and was oversubscribed with investors, including current and former management team members, foundations, diversified financial institutions, university endowments and family investment offices.
The firm has launched a new fund targeting seasoned mortgage-backed securities.
The foundation recently appointed the chair of one of the world’s largest stock exchange groups to its board of trustees, which oversees its investment strategies, allocations and performance.