Non-U.S. & Global Equity
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.
The search follows approval of new asset allocation policies, which introduced a 5% target to international small-cap equity for each plan.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
Plan shifted its mandate with a diverse-owned international equity manager to its passive allocation in the asset class.
The plan will include its two incumbent international value equity managers in a search to review the asset class universe.
Plan intends to issue an RFP to seven to 10 firms in June after narrowing the universe to 15 potential candidates through screening.
The plan recently committed approximately $2.2 billion total to nine funds.
The plan diversified its international equity portfolio by swapping a growth manager for a value manager this week.
The plan is seeking an international equity manager to handle a $35 million allocation.
A total of up to $1.5 billion is expected to be awarded in the search.