Absolute Return
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.
The plan’s hedge fund committee considered a $175 million commitment last week.
The plan is watching two absolute return managers due to concerns related to turnover and portfolio construction.
The plan is seeking several managers to handle a yet-to-be-determined mandate.
The university has promoted a senior portfolio manager to managing director following a search for the position after its previous managing director retired.
The plan will seek a real estate manager to handle $30 million to $60 million and recently hired a hedge fund-of-funds manager as part of new absolute return portfolio structure.
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
He will be responsible for the performance of BNPP AM’s flexible and absolute return funds.