Small-Cap
The pension plan terminated its incumbent small-cap growth manager following organizational considerations and performance outcomes.
The plan has asked its consultant to come back with U.S. mid-cap growth and value manager options.
The plan also terminated a domestic small-cap growth equity manager.
The retirement system terminated its active domestic large-cap growth equity manager last month due to underperformance.
The system is seeking small-cap strategies as part of a U.S. public equity manager RFQ launched this month.
The termination stems from asset outflows and underperformance.
The retirement system also approved private equity and real estate commitments totaling $60 million yesterday.
Nonprofit investors and allocators are tempering expectations for their portfolios in 2026 as they prepare for more moderate returns resulting from increased volatility and heightened valuations along with persistent macroeconomic and geopolitical uncertainties.
The incumbent domestic small-cap growth equity manager had been on watch due to personnel changes and underperformance.
The decision followed finalist interviews with two firms at last month’s board meeting.