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The health system outsourced the management of its pension and endowment assets this week, replacing an internal investment office led by CIO David Holmgren.
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
The new global investor relations head assumed the role on an interim basis last month.
Firm will provide discretionary management of the city’s $78 million portfolio.
The plan disclosed two recent commitments totaling $900 million and named a replacement for CFO Barry Faison, who will officially retire on Dec. 31.
The plan’s contract with its current consultant will expire in April.
The plan will have further discussions on adding a 3% initial target to private equity at its November board meeting.
The plan concluded its ESG-focused manager search in the second quarter.
The plan will issue the RFIs as its looks to put its contracts out to bid due to their upcoming expirations.