Non-U.S. & Global Equity
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.
The plan is tentatively scheduled to search for active management in emerging market debt and emerging markets equity next year.
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
