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The plan terminated an EAFE value equity manager that had been placed on watch in June for underperformance.
The new team will invest in both early and growth stage healthcare companies.
The plan is seeking a successor for its deputy cio for public markets, who was named cio last month after serving in the role in an interim capacity since July.
The plan has begun its searches for general investment and public markets consulting services.
The transaction increases Franklin Templeton’s alternative assets under management to $260 billion in aggregate.
The officer will report to the plan’s managing director of international real estate.
The firm’s new managing director will also become coo on Jan. 1.
The plan terminated an approximately $799 million emerging markets equity mandate and made commitments with four existing managers and one new manager in September.
The plan will be responsible for a portfolio valued at more than $54 billion.
The selected manager will handle up to $15 million.