Equity
The pension system increased private equity and infrastructure and real assets following changes approved this week.
The search is due to portfolio manager changes and underperformance by the incumbent.
The pension fund swapped out an active large-cap value equity mandate for a passive one in the second quarter.
The retirement board was also expected to hire a new manager in its domestic small- to mid-cap growth equity manager search.
The pension fund’s outsourced cio disclosed a pair of manager removals in the first quarter.
The plan began a replacement search for a domestic mid-cap equity manager terminated last quarter.
The institution added new developed markets, emerging markets equity and hedge fund strategies within its investment portfolio during the first quarter following several redemptions from existing managers.
The retirement system has issued three RFPs for domestic large-cap and international value and growth equity managers.
The retirement system’s international small-cap portfolio consisted of a $57.8 million core mandate with Global Alpha Capital Management.
The retirement system replaced three underperforming domestic equity managers in the fourth quarter.
