The university is adding private credit and U.S. Treasury bond strategies to its portfolio after transitioning to a discretionary advisory relationship in the first quarter.
The firm underperformed for two consecutive calendar quarters.
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
The pension plan recently committed to an existing credit manager.
The search is open to fund-of-funds, co-investments and private debt strategies.
The commitments total $850 million to existing relationships.
The fund expects to hear recommendations on adding private credit, venture capital and public fixed-income managers over the next quarter and a half.
The retirement fund is seeking multiple managers to handle approximately $350 million in assets.
The $20 million commitment results from an ongoing search in the space.
The plan made its first commitment to private debt at its board meeting yesterday.