The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.
The investment board has also made up to $1.4 billion in new commitments.
The city last completed a search for the services in 2021.
The selected firm’s responsibilities will include investment management and consulting services in addition to financial wellness consulting.
Jones joined the $79.2 billion Teachers’ Retirement System of Illinois as its deputy cio in 2023 following a tenure at general investment consultant Meketa Investment Group as a managing principal and consultant.
Firm partners with Fiduciary to enhance service offerings and build upon the independent wealth manager and trust company’s 140-year history.
The retirement fund also approved an Africa-focused private equity commitment earlier this month.
The pension system is also scheduled to review a 2026 pacing plan for private credit at this week’s board meeting.
The firm also surpasses $1.75 billion in regulatory assets under management.
Fundraising surpassed the firm’s goal in 10 months with over $500 million in total commitments.