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The investment arm of a religious denomination based in the Midwest has hired a veteran investment consultant as its new executive director.
The foundation revised its investment policy with a new target asset allocation range in fiscal year 2024, creating new dedicated target asset allocation ranges for domestic and international equity as well as real estate, while breaking out private assets from its alternative strategies allocation.
The plan will allocate 10% of its portfolio to risk mitigating strategies as part of a new asset allocation.
The decision comes after the plan had initially decided to go ahead with a search for emerging managers-of-managers last month.
The plan rehired its incumbent following a similar search conducted in 2017.
The plan relaunched a search after initially hiring a firm last year.
The pension fund concluded a general investment consultant search by selecting its incumbent this week.
The fund hit its $2.3 billion hard cap in six months.
The pension plan has worked with incumbent Atéssa Benefits since 2015.
The firm has closed its seventh flagship real estate fund with $354 million in capital commitments.