Asset Study/Review
The university revised its long-term targets for drivers of return of its endowment, increasing its target to equities at the expense of absolute return, credit and real estate.
The college is fine-tuning its hedge fund and private equity portfolios in the near term as it makes progress on its long-term goal to divest from fossil fuel investments.
The new allocation increases its fixed-income target at the expense of domestic equity.
The pension plan agreed to increase its global equities target by reducing its global private equity target from Oct. 1 through Dec. 31, 2024.
The plan is also slated to discuss alternative asset mixes for its fixed-income portfolio.
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 also approved a private equity commitment as it continued talks in its ongoing asset/liability study at a meeting today.
The foundation amended its asset allocation policy, removing its allocation to special purpose acquisition company assets, and added several commitments within its endowment during its second quarter investment committee meeting.
The fund expects to hear a recommendation to fully redeem a short-duration fixed-income investment in its operating pool and redeploy the assets among existing managers within its long-term pool.
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.