Non-U.S. & Global Fixed-Income
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 fund’s 3% portfolio to the asset class is currently held in an index fund.
The pension fund is seeking one or more private equity secondaries products diversified by underlying fund strategy and geographic focus.
The plan selected the managers at a meeting today following RFPs issued in April.
The firm will manage a hard currency mandate for the plan following the issuance of an RFP in the second quarter.
Plan is eyeing searches for active emerging market debt and private markets secondaries strategies following initial discussion earlier this month.
The proposed portfolio structure would result in searches for core, credit, U.S. Treasury, emerging market debt, securitized products and bank loans.
The plan approved the search at its board meeting earlier this week and has a 6% target to global multi-sector fixed-income.
CIO Jonathan Grabel recently rehired the trust’s public markets passive manager and the pension plan made a $270 million private equity commitment this week.
The pension plan is seeking passive index and transition advisory services as it readies a long-awaited transition out of a larger fund.