Alternatives
The retirement association also made real estate commitments and a hedge fund redemption this quarter.
The plan will commit a total of $1.2 billion to the asset classes next year.
The plan reduced its international small-cap equity portfolio to two managers from three at last week’s board meeting.
The university moved its endowment toward private equity, U.S. equity, global equity and hedge funds, as part of a new investment policy statement approved at its November meeting.
The endowment is preparing to conduct a search for an investment consultant for its portfolio after wrapping up its U.S. direct lending manager search at its November board meeting.
The director will lead management of the investment portfolio’s quantitative and systematic strategies, primarily sourced through derivative investments.
The foundation recently entered the secondaries market by purchasing private equity interests and other illiquid assets from a prominent pension that is considering folding.
The plan concluded its real estate and private credit searches in the past two months.
The retirement fund approved its first commitments to the private credit space after adding a maiden target to the asset class last year.
A university based in the Mid-Atlantic region is potentially increasing its allocation to the alternative asset class.