Searches And Hires
The pension plan made $460.6 million in total private equity/current return commitments in the first quarter.
The foundation swapped domestic large-cap equity firms within its long-term portfolio as its incumbent managers have underperformed.
The plan’s investment consultant is conducting a search for real estate managers to form a joint venture targeting value-add industrial real estate projects.
The commitments were made across private equity, credit and real assets totaled $725 million.
The retirement system hired a global equity manager to handle $500 million and added two commitments with existing manager relationships last week.
The search is being conducted due to the upcoming Dec. 31 contract expiration of incumbent RVK.
The retirement system is seeking direct/niche lending and credit opportunities funds.
The plan’s current U.S. small-cap growth equity allocation is handled by UBS Asset Management.
The plan is looking to invest $100 million in a liquid credit strategy.
The authority is seeking a comprehensive provider for its retirement plans.