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The termination stems from lower than expected real returns and changes to the firm’s team.
The hire completes a search launched last year following a new asset allocation approval.
The fund closed at its hard cap of $3.5 billion.
A question and answer with Brown University CIO Jane Dietze on the institution’s endowment, divestment and ethical investing.
The Wellington Climate Innovation Fund closed with $385 million in commitments.
The new active core mandate will replace the pension’s passive bond allocation.
The plan also terminated an active domestic large-cap growth equity manager in December.
The plans launched a search in February due to the contract expiration of their incumbent.
The authority issued an RFQ in February after previously hiring its incumbent in 2018.
The plan will conduct the search due to the upcoming contract expiration of its current consultant.