Equity
The foundation added an international large-cap equity allocation after revising its asset allocation last year.
The plan reviewed proposed allocation mixes that add a dedicated high-yield bond target while significantly increasing intermediate grade core-plus fixed-income, both of which would result in searches for new managers.
The pension plan replaced its domestic large-cap growth equity manager in the second quarter due to underperformance.
The New England-based firm recently held the final close of its fourth growth fund above its $450 million fundraising target.
The retirement system will interview four firms next month for an up to $225 million mandate.
The retirement system’s outsourced cio recently terminated a global large-cap core equity manager due to underperformance.
The plan will seek a global equity manager to equitize upcoming proceeds.
The retirement system launched a domestic small-cap growth equity search in April.
The foundation added international equity, domestic equity, high-yield bond and infrastructure investments to its portfolio during the second quarter.
The foundation increased its large cap growth equity fund’s allocation to an incumbent manager that utilizes a research-based investment process in quality growth companies.