The fund approved a maiden commitment to a private credit secondaries strategy during its August board meeting to take advantage of discounts in the credit secondaries market.
The foundation is searching for investment advisors to advise, manage and administer its reserve fund as well as develop and implement an investment strategy.
The termination recommendation stems from fixed-income structural changes approved last summer that eliminated sub-asset class targets in core-plus and high-yield.
The trust fund has hired an international small-cap equity manager over two other finalists following a search and rehired its general investment consultant following an RFP from the second quarter.