Alternatives
The retirement system will issue an RFP for lower middle market buyout funds.
The foundation replaced a domestic small- to mid-cap equity manager after it had underperformed its benchmark since inception and added three private markets commitments in the first half of 2026.
The plan voted to consolidate its global equity portfolio to three managers from four at a board meeting today.
The firm recently closed its fourth private equity fund and second independent sponsor-focused fund after reaching its hard cap with more than $1.1 billion in commitments.
The plan terminated a domestic mid-cap core equity manager due to organizational and performance issues.
The state pension is canvassing the universe for buyout and growth managers raising less than $1 billion in a Fund I, II or III for in-person interviews to be held at the end of July.
The retirement system is looking to invest in the asset class for the first time.
The pension fund’s board approved up to $550 million across two commitments at a meeting today.
Endowments and foundations’ allocations to alternatives have surpassed domestic equity as the largest institutional allocation, while liquidity management and portfolio resilience have become important portfolio themes, according to a recent study.
The university approved four private equity commitments, including one with a new manager, as well as a private real assets commitment at its June investment committee meeting.
