Real Estate
The plan will commit a total of $330 million to the asset class for fiscal year 2026-2027.
The search is open to core and non-core real estate and infrastructure managers.
The retirement system also hired three firms in its diversifying strategies manager searches yesterday.
The new asset allocation also eliminated the plan’s hedge funds portfolio.
The trustees failed to decide on commitments in a non-core real estate search after opposing motions that followed finalist interviews.
The fund had been on watch for underperformance since last year but more recently abruptly replaced its lead portfolio managers.
The retirement fund also disclosed commitments totaling roughly $1.5 billion in March.
The plan tapped an active manager after voting to move to an all-active approach for the fixed-income portfolio to achieve better long-term return prospects.
The retirement system will also consider hiring managers in its diversifying strategies manager searches this week.
The board recently made private credit and private equity commitments totaling $208.5 million.