International / Global / Emerging Markets
The plan also added several new equity managers to the program.
The fund will consider adding international equity, private equity co-investment and private credit secondaries strategies to its portfolio this week.
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.
The retirement system is seeking an international growth equity manager to handle $200 million.
The plan replaced its international growth equity manager in June.
The termination, which was recommended by the plan’s general investment consultant, stems from performance reasons and a key personnel departure.
The plan took action on two search reports provided by its general investment consultant at its board meeting this week.
The pension plan terminated one of its international large-cap core equity managers due to underperformance.
The pension plan has directed its staff and general investment consultant to conduct a targeted RFP process to replace a terminated international small-cap equity manager.