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The plan lost its deputy cio to another state pension fund last year.
The retirement system added $350 million in alternatives commitments in the first quarter.
The retirement fund is seeking closed-end value-add or opportunistic equity private real estate funds.
While there is uncertainty on the impact to markets following the U.S. strikes against Iran’s key nuclear facilities over the weekend, geopolitical risk is rising.
The pension plan made commitments totaling $110 million last week.
The search is part of an asset allocation implementation plan.
The plan added the firm to complement its existing domestic small- to mid-cap core equity manager.
The fund was oversubscribed and surpassed its fundraising target.
The retirement system will consider placing its international small-cap core equity manager on watch at Friday’s board meeting.
Asset allocation remains the biggest factor in fees paid by institutional investors, Callan’s 2025 Cost of Doing Business Study shows.