Non-U.S. & Global Equity
The retirement plan currently has four global equity managers.
Global equity would be a new asset class for the plan.
The plan is potentially looking to replace its international developed markets equity manager.
The plan replaced several of its passive mandates with Vanguard Group at yesterday’s board meeting.
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.
