Equity
The two firms will handle a total of more than $2.5 billion.
The plan will invest $150 million into Ninety One’s Global Environment strategy.
The plan hired a new international value equity manager following finalist interviews at its September board meeting.
A total of four firms were interviewed at a board meeting today.
The foundation approved investments with two Black-led strategies as it looks to achieve its goal of allocating half of its portfolio to diverse-owned managers by the end of 2025.
The retirement fund made commitments totaling $2.7 billion in August.
The plan’s current international equity manager recently saw the departure of a portfolio manager.
The deferred compensation plan replaced its emerging markets equity manager, which had been on watch, in the second quarter.
The plan’s sole emerging markets equity manager was first hired in 2017.
The program approved the addition of a new small-cap value fund to replace an existing strategy within a lineup of underlying fund managers and rehired its investment consultant for a three-year term.