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The plan committed to two funds following finalist interviews this week.
New firm will provide investment consulting services for the plans’ $70 million in assets.
The foundation will search for impact investments after adopting an ESG-integrated and impact investment strategy to mitigate the negative impacts of climate change.
Only 13% of museums in the U.S. are engaged in impact investing, compared to 47% of college and university endowments and 51% of foundations.
The investment director is leaving on July 29 to join the defined benefit plan as its next cio.
The university will consider a real estate commitment with a new firm after disclosing follow-on commitments to existing venture capital, private equity and real estate fund managers.
The Endowment Index, calculated by Nasdaq OMX, underperformed a global portfolio of 60% stocks and 40% bonds, which fell 12.64% over the same period.
The foundation added three new private equity managers to its portfolio in the second quarter as part of the build-out of its alternatives portfolio.
Investment committees should enlist a sustainability specialist to provide expertise and open a dialogue between committee members.
The university expects to reissue its RFP seeking an investment advisor for its endowment next month after canceling the search in the second quarter due to a change in requirements.