International / Global / Emerging Markets
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.
The retirement system made $60 million in total commitments at a board meeting this week.
The new manager will handle a mandate of up to $250 million.
A new survey from a global investment firm has found that U.S.-based RIAs are interested in adding new exposures to international and equity ETFs in their client portfolios.
The plan adopted a new target asset allocation that makes minor adjustments to its current policy at today’s board meeting.
