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The plan replaced its existing domestic small-cap value equity manager due to underperformance and organizational turnover.
The transition will go into effect in October.
The plan has begun searches for international equity and core and non-core real estate managers.
The current consultant will see its contract expire this year.
The fund closed with $700 million in capital commitments.
The plan made the hires after restructuring its international equity and U.S. fixed-income manager portfolios.
The plan adopted a new asset allocation policy after receiving an asset/liability study in October.
He first joined the firm in 2012 and previously served as research director.
The plan anticipates committing up to $565 million total to the two asset classes this year.
The university will invest an additional $500 million in the REIT on March 1 and the investment will have the same structure, terms and fees as the initial investment.