The plan will look to add an open-end fund this year before building out the portfolio with closed-end funds.
The city is looking for a firm to advise on sell-side and buy-side activity of limited partnership interests.
The plan hired a domestic large-cap core equity manager to handle approximately $32 million at its board meeting yesterday.
The new entity will be based in Boston and have approximately 40 professionals.
The search is one of three being conducted by the plan this year due to the contract expirations of incumbent consultants.
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The plan also slated domestic small-cap growth equity manager finalist interviews for its September meeting.
The negative performance was driven by the plan’s public market investments, which make up roughly 79% of total fund assets.
Steven Meier will oversee more than $250 billion in pension assets for the city.
The plan is conducting the search for due diligence purposes and has worked with its current consultant since 2002.