International / Global / Emerging Markets
The institution added a global equity manager to its watchlist due to organizational changes and made an infrastructure commitment as part of its pacing plan last year.
The searches are for international small-cap equity, emerging markets equity, real estate, private equity and private debt managers.
The commitment is part of the plan’s new portfolio structure, which introduced a 5%, or roughly $500 million, private debt target allocation in November.
The plan also revised its upcoming fixed-income and international equity manager search timelines.
The manager was placed on watch last year for underperformance.
The retirement system terminated an international value equity manager, which has been on watch, at a recent board meeting.
The pension plan will consider potentially replacing its international small-cap core equity manager due to underperformance.
The deferred compensation plan recently made several changes to both its equity and fixed-income portfolios.
Somerset had been in advanced talks to transfer its top performing funds to a new investment advisor.
The pension plan liquidated an approximately $237 million global equity mandate and made commitments totaling $1.4 billion in October.
