Small-Cap
The plan replaced two existing managers in the fourth quarter due to underperformance.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
The manager change follows a search presentation from the retirement fund’s consultant last month.
An RFP was issued last February for a total allocation between $90 million and $180 million.
The retirement system approved a private equity fund-of-funds commitment to an existing manager relationship at yesterday’s board meeting.
The retirement system terminated its incumbent international small-cap core equity manager this month due to personnel turnover.
The pension plan will conduct domestic large-cap and small-cap equity manager searches this year.
This week’s hire complements an existing emerging markets equity manager as part of an ongoing international equity portfolio restructure.
The retirement plan also terminated a core-plus fixed-income manager.
The retirement system approved private markets commitments at its board meeting today.