Non-U.S. & Global Equity
The pension plan recently committed approximately $7.4 billion total to six funds and terminated 12 existing strategies.
The retirement fund liquidated a $243 million international equity mandate and made commitments totaling $770 million in December.
Retirement system is seeking a pool of managers to provide the services.
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 asset allocation changes resulted in several manager hires and terminations at the retirement system’s November meeting.
2023 was supposed to be a down year for foundations and endowments with a potentially recessionary environment, however, equity and bond returns came out in the green, thanks in part to strong fourth quarters, leaving investors and allocators with a more optimistic outlook for their portfolios entering 2024.
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.
The pension plan liquidated an approximately $237 million global equity mandate and made commitments totaling $1.4 billion in October.
The pension fund hired international small-cap core, growth and value managers to conclude a search initiated earlier this year.