Domestic Equity
The pension plan has made four equity investments totaling $850 million.
The plan’s current domestic large-cap growth equity manager will see a portfolio manager change.
The plan’s contract with its current ESG investment option will expire.
The plan’s current U.S. small-cap growth equity option has experienced underperformance.
The plan replaced two existing managers in the fourth quarter due to underperformance.
The retirement system approved the search at its February board meeting.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
The manager change follows a search presentation from the retirement fund’s consultant last month.
An RFP was issued last February for a total allocation between $90 million and $180 million.
The plan also hired an active domestic large-cap core equity manager at today’s board meeting.