International / Global / Emerging Markets
The plan issued an RFP earlier this year for diversification purposes.
The investments and commitments total more than $650 million across public equity and private markets.
The plan placed its sole global equity manager on watch in the second quarter.
The plan adopted a new non-U.S. equity structure last month for diversification purposes.
The new firm will complement two existing managers within the plan’s international equity portfolio.
The retirement system also opted against action following an equity structure review last month.
The two managers were placed on watch last quarter for performance reasons.
Commitments included over $1.9 billion to OrbiMed Private Investments X and more than $1 billion to OrbiMed Asia Partners VI.
The plan also terminated an international large-cap growth equity manager.
The retirement system will receive potential international equity candidates next month.
