Searches And Hires
The institution approved a financing agreement for an up to 10% stake in a company developing a new retinoid therapy.
The retirement fund’s investment committee also restructured its domestic equity portfolio to help meet impending sustainability goals.
The retirement fund has disclosed $215 million in recent alternatives commitments.
The program has opted to extend its general investment consultant contract rather than issue an RFP.
The plan will consider adding a dedicated target to the asset class this week.
The fund narrowed a search for emerging markets large-cap ex-China equity managers to two finalists at the end of the second quarter.
The retirement system may commit up to two firms for a total of $14 million.
The plan reviewed proposed allocation mixes that add a dedicated high-yield bond target while significantly increasing intermediate grade core-plus fixed-income, both of which would result in searches for new managers.
The pension plan replaced its domestic large-cap growth equity manager in the second quarter due to underperformance.
The retirement system rehired its incumbent manager after similar searches in 2006 and 2018.