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The financial services organization recently elected an Ivy League administrator to its board of trustees to serve on the risk and compliance, nominating and governance and human resources committee.
All five commitments were made to existing manager relationships.
The first private equity initiative of Ariel Investments will leverage $1.45 billion commitments.
The plan rehired its incumbent private equity consultant last month.
The fund exceeded its $600 million hard cap with commitments from new and existing investors.
The plan’s incumbent manager was first hired in 2004.
The current cio will retire after more than eight years in the role.
The plan has appointed two executive v.p.s to replace employees who will depart in the coming months.
Candidates will be evaluated on firm organization, investment policy development and manager research and performance evaluation, among other considerations.