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The city is seeking a firm to establish and oversee a Section 115 trust.
General consultant MBC Investment Consulting is assisting in the search.
The plan sees market opportunity due to recent banking failures.
The board was notified of two recent equity manager terminations and a new private equity commitment.
The plans’ new executive director had been handling the position on an interim basis for over a year.
The system completed a similar search for the services in 2019.
The plan has issued RFPs seeking an active core fixed-income manager as well as index managers.
The plan will target $110 million to core managers and $60 million to non-core emerging real estate managers.
The plan will interview three firms in its outsourced cio search next week.
The new director most recently served as interim chief of stakeholder relations at CalPERS.