Emerging/Diverse Managers
The search stems from 2025-2026 fiscal year real estate pacing plans approved last month.
The two searches were discussed at the plan’s May investment committee meeting.
A foundation based on the West Coast has added commitments to diverse-owned managers due to their environmental or responsible investment strategies.
The overall slowdown in private markets commitments did not stop two Black-owned firms from closing funds as early-stage venture capital firms Collab Capital and Zeal Capital Partners recently announced closes for their respective second funds.
The foundation recently approved an equity investment with a diverse manager within its endowment and mission-aligned investment pool after tracking the firm for years through its investment consultant.
The plan hired Barings to manage two customized funds.
The plan will target eight to 10 emerging buyout funds.
The fund reviewed roughly $1.7 billion in intended private equity and real estate commitments this week.
The oversubscribed fund closes with approximately $1.31 billion of capital commitments, including $162 million of committed co-investment capacity.
The retirement system approved the hire following a search report presentation from its consultant.