Absolute Return
The plan also disclosed two new commitments.
The plan will also receive a private credit portfolio review at today’s board meeting.
The pension plan expects to commence the contract on Nov. 19.
The termination stems from lower than expected real returns and changes to the firm’s team.
The pension plan is seeking several managers to handle a yet-to-be-determined mandate.
The redemption is the fourth one this year for the plan.
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
The pension plan selected seven absolute return managers for possible inclusion within its investment lineup and tweaked its asset allocation policy last week.
The plan disclosed making private equity and absolute return commitments with existing managers during the second quarter.
The plan recently committed $245 million total to two private equity managers and one hedge fund manager.
