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The plan is seeking a firm to handle a $15 million mandate and provide uncorrelated returns to both equity and fixed-income markets.
The plan had more than $430 million in the program at the end of 2022.
The plan made the commitment alongside approving a 3% target to the asset class at today’s board meeting.
The plan will look for a replacement global growth equity manager after terminating its incumbent this week.
The search comes as the plan’s previous executive director has since taken a position at a law firm.
The plan fully redeemed a market-neutral investment and will consider an international small-cap value equity manager hire.
The plan committed $911 million total to a core real estate strategy and three buyout funds yesterday.
The firm is being monitored due to performance and recent personnel turnover.
The trust hired a new general investment consultant at its board meeting yesterday.
Institutions are not as pessimistic about future economic performance as they were last year and their sentiments have shifted to cautious optimism, according to a recent survey.