The commitment to an existing investment manager was made as the fund is underweight its strategic target to the asset class.
The community foundation hired a director of investment operations to develop and implement its investment operations framework in partnership with its general investment consultant.
The firm placed its investment in a domestic-large cap fund on watch in the third quarter due to performance concerns, while also removing two funds from watch status.
The investment manager will be responsible for implementing the foundation’s program-related investment strategy as well as sourcing, structuring and monitoring investments.
Two investment advisors serving foundations, endowments, family offices and corporate pension plans formally merged last month.
The new managing director of public equity will assist with investment decisions, research prospective investments and underwrite new managers.
The plan added commitments with two new hedge fund managers and two existing real estate managers this summer.
The manager will help oversee investment accounting, provide tax-related duties and maintain performance data.
The university also made redemptions from domestic and emerging markets equity managers.
Some endowments and foundations are looking to emerging market debt, multi-asset credit and long-term bonds as a way to diversify their portfolios while also capitalizing on the macrotrends leading to a weaker greenback.