Equity
The incumbent domestic small-cap growth equity manager had been on watch due to personnel changes and underperformance.
The retirement fund also disclosed commitments totaling $1.1 billion in September.
The university added an investment in an international equity strategy that aims to provide long-term returns in excess of the MSCI EAFE index this quarter.
The plan received a work plan at last month’s board meeting that included an RFP to be issued this month.
The plan replaced a domestic large-cap equity fund with a social index fund as the previous manager had been on watch for performance concerns.
The retirement system also hired an international all-cap growth equity manager and four infrastructure managers this week.
The plan will put three mandates out for bid next year.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.
The firm underperformed in all time periods since inception.
The plan’s initial priority will be to conduct a global core/value equity strategy search to compare with an existing investment manager.
