Real Estate
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
The institution has drafted a private equity co-investment policy framework alongside its general investment consultant that will be presented at a future meeting.
The foundation is looking to build out its private investment allocations to reach its asset allocation targets in the near future.
The fund approved an up to $300 million commitment with a minimum investment of $250 million to an existing real estate manager.
The plan has now committed to four funds with the manager.
He will oversee multifamily investment activity in the Western U.S. region.
The plan committed $25 million to a new non-core real estate manager and approved a fiscal 2023 private markets pacing plan this month.
Plan will look to increase a direct lending fund-of-one commitment to $500 million from $300 million this week.
The plan recently made commitments with nine existing managers and one new manager.
The plan added a $20 million real estate commitment in July.
