Risk Parity
The pension plan’s outsourced cio recently hired two risk parity managers to replace the incumbent due to underperformance.
The plan placed the firm on watch last month for performance reasons.
The plan authorized two private equity fund-of-funds searches and terminated two managers within its diversified strategies portfolio as the result of a new asset allocation policy.
The plan will consider active core and core-plus fixed-income manager hires in May as a result of a new asset allocation that also eliminated its 2.5% risk parity target yesterday.
The plan disclosed $1.1 billion in total commitments with three new managers and ten existing managers in the fiscal first quarter.
The plan will issue a general investment consultant RFP due to an upcoming contract expiration and conduct an asset allocation study to consider eliminating its risk parity asset allocation.
Plan is seeking private debt managers to each handle an up to $100 million mandate and approved new asset allocation policies last week.
Plan’s board considered terminating an emerging markets value equity manager and disclosed several alternative commitments and manager terminations last month.
The plan disclosed several new private commitments in addition to two absolute return manager redemptions at its meeting Friday.
Plan committed $60 million in total to risk parity and private equity buyout commitments this month.
