Alternatives
The fund approved restructuring its real estate portfolio in favor of a core-satellite portfolio with a core mandate and two to three satellite managers and also added two 130/30 managers to create a market cap and style neutral portfolio structure.
The plan disclosed making private equity and absolute return commitments with existing managers during the second quarter.
The plan disclosed private equity, private credit and real estate commitments at a board meeting today.
The firm recently added a new member to its business development team to support its deal origination efforts and focus on building relationships with corporate sellers.
The associate director will contribute to investment decisions across the portfolio, with a focus on private asset classes, including buyout, growth equity, venture capital real estate and natural resources.
The system expects to receive a recommendation from its general investment consultant to reinvest funds at a future board meeting after approving the termination of a hedge fund manager last week.
The board also named a new retirement manager.
The plan will consider issuing two consultant RFPs due to upcoming contract expirations and recently added a private equity commitment.
The $300 million in total commitments went to existing managers.
The commitments were approved by the plan’s private markets committee at a meeting yesterday and require full board approval later this month.
