Asset Study/Review
The foundation is looking to add new diverse managers to its portfolio after adopting a new investment policy statement incorporating a racial equity lens.
The plan increased its target to international equity at the expense of long/short equity.
Plan continues working toward executing a transition of assets away from the state fund.
The new policy will help the plan achieve an expected return of 7.25% over the next 10 years.
The recommendation stems from general investment consultant NEPC’s most recent asset class assumptions.
Plan staff is considering searches in small-cap equity and multi-asset credit searches later in 2023.
The plan added a 3% target to global infrastructure as part of a new asset allocation that was adopted yesterday.
The plan agreed to reconsider asset allocation changes originally approved last month at a future meeting.
Plan added a 3% target to private credit as part of broader asset allocation changes approved today.
The fund is reviewing its relationship with a firm that handles private energy, international equity and emerging markets mandates after the state comptroller directed entities to divest their existing holdings from financial companies that boycott energy companies.