Searches And Hires
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.
The retirement fund’s investment committee will interview three finalists in a $737 million search next week.
The searches include a maiden domestic small- to mid-cap equity mandate.
The pension plan made $665 million in total private equity/current return and real estate commitments in the second quarter.