International / Global / Emerging Markets
The plan’s initial priority will be to conduct a global core/value equity strategy search to compare with an existing investment manager.
The plan conducted a search to replace an emerging markets equity mandate.
The plan expects to approve three recommended finalists for future interviews at this week’s board meeting.
The plan’s emerging markets large-cap core equity manager had been on watch due to underperformance.
The retirement system also recently added private markets commitments totaling $26 million.
The retirement system also added two private credit commitments in the third quarter.
The fund’s general investment consultant recommended the search for a core manager to complement its existing international equity managers.
The plan voted to add a passive option for the asset class that can be funded at a later date if they choose.
The three firms failed to meet the New York City Retirement Systems’ climate expectations, Comptroller Brad Lander says.
The university also liquidated fixed-income and equity strategies to fund endowment spending and university advancement payouts.