The consulting firm is seeking long volatility and tail risk hedging managers on behalf of a $6 billion OPEB trust client.
The plan made the hire at a board meeting this week after reissuing an RFP for the second time this summer.
The plan terminated a $1.4 billion domestic large-cap value equity mandate and made commitments with four existing managers and one new manager in August.
The plan committed a total of $15 million to two private equity managers this summer.
The plan has begun its search for a private equity consultant.
A total of five managers will vie for $30 million total.
Plan’s investment committee approved up to $115 million in alternatives commitments this month.
The fund is looking to build out its alternatives allocations to align its portfolio with a new strategic asset allocation approved in June.
The real assets sustainability consultant’s new office will seek to tap demand for ESG consulting in North America.
The plan added two private equity fund-of-funds and real estate commitments totaling $35 million.