International / Global / Emerging Markets
The $27 million in assets will be used for liquidity purposes.
The plan hired a new international small-cap manager following interviews that included its incumbent.
The terminations were approved amid the plan’s ongoing international equity manager search.
The plan was unable to invest in a previously selected manager.
The city hired two equity managers and three private markets firms.
The commitment appears to represent a new relationship for the plan.
The RFP is slated for approval at the plan’s meeting next month.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
The search follows approval of new asset allocation policies, which introduced a 5% target to international small-cap equity for each plan.
The trust fund revised the target asset allocation for its reserve pool at an April meeting, increasing its targets to fixed-income and international equity, following a study on its investment policy and practices.