Equity
The board also disclosed private equity and real estate commitments today.
The retirement association is conducting the search to neutralize the portfolio’s value tilt.
The retirement system will interview two firms to potentially replace its $80 million international large-cap value equity mandate.
The retirement fund also disclosed commitments totaling $1.6 billion in September.
The plan also replaced its discretionary private equity and private credit consultant.
The new manager will diversify the fund’s U.S. equity portfolio following approval at an October board meeting.
The retirement system terminated an international large-cap growth equity manager first hired in 2016.
The retirement system also committed more than $1.5 billion to private markets.
The plan issued an RFP earlier this year for diversification purposes.
The ballot measure aims to establish an endowment to support state government instead of taxing residents with a goal of eliminating individual and corporate income taxes, sales taxes and all other state-sanctioned taxes.
