Domestic Equity
The plan will interview three domestic large-cap growth equity managers at a June 9 investment committee meeting.
The plan authorized a search to replace a terminated domestic large-cap growth equity manager and will issue a private equity consultant RFQ soon.
The plan completed a domestic small- to mid-cap value equity manager search launched in the fourth quarter.
The plan transferred the assets to an existing Standard & Poor’s 500 Index mandate last week.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.
Decision follows a partial acquisition of the incumbent firm that has left its equity team with $800 million in assets under management.
The plan added a core strategy to diversify its existing domestic large-cap equity portfolio consisting of value and growth managers.
The plan approved commitments to two existing managers.
The new manager replaced the plan’s incumbent small-cap value manager due to an acquisition.