The plan will receive a search report from its general investment consultant next month after opting to terminate its existing manager, which had been on watch for performance since 2019.
The plan made a follow-on commitment to Belay Investment Group.
The manager will handle a nearly $5 billion Russell 3000 Index portfolio for the plan.
The plan will make an initial $10 million investment in its first dedicated emerging markets equity manager.
The plan will invest more than $90 million overall in two existing relationships.
The foundation has issued an open-invitation RFI after finding a “disappointing lack of diversity” in its initial research into firms.
The plan currently has $1.4 billion invested in custom target-date strategies.
The plan will look to evaluate the marketplace for lower management fees, with an emphasis on Collective Investment Trust vehicles.
The new initiative includes a five-part strategy that includes education, recruitment, mentoring and training, retention and community engagement.
The fund hired its current investment consultant in 2016.