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The new manager will be partially funded by reducing the portfolio of the plan’s incumbent large-cap core manager.
The new manager began last month and will officially assume the role at the end of March.
The plan’s former executive director has retired.
The plan’s incumbent manager is currently on watch for performance reasons.
The search is open to buyout, growth equity and venture capital strategies.
The plan will conduct fixed-income searches after approving a new target asset allocation that substantially increases its portfolio at a board meeting this week.
He will develop and execute the firm’s sales and marketing plan for clients and assets.
Global alternatives investment manager Ares Management will acquire a minority stake in institutional scientific fixed-income manager BlueCove Limited.
The plan is considering follow-on commitments to eight existing managers.
Massachusetts Mutual Life Insurance Company will transition its direct private investments team to Barings.