The plan made the commitment alongside approving a 3% target to the asset class at today’s board meeting.
The plan will look to fill allocations to private equity, global infrastructure and real estate.
The new manager will be partially funded by reducing the portfolio of the plan’s incumbent large-cap core manager.
The firm has taken a minority ownership stake in Altan Asset Management.
Thomas H. Lee, a pioneer of leveraged buyout private equity, died on Feb. 23.
The plan will be examining the allocation structure of the portfolio as well as the current managers.
The plan asked its general investment consultant to prepare a search after an asset allocation discussion at today’s board meeting.
The plan may look at long/short hedge fund opportunities due to performance concerns with its incumbent long/short manager.
The plan has begun a search for an executive recruiting firm to assist with hiring a new cio.
The plan will interview three firms in its search for large-cap growth and value managers in April.