Emerging/Diverse Managers
The plan will add six managers to the portfolio over the next six to nine months in a restructuring that will also see staggered terminations.
The plan added $15 million in follow-on commitments across two funds in March.
Plan shifted its mandate with a diverse-owned international equity manager to its passive allocation in the asset class.
The foundation is searching for more diverse-owned managers and impact investment strategies as part of a new strategic plan to eliminate longstanding inequities that have held back many communities.
The plan will not commit any additional capital to the program due to potential issues, including conflicts of interest and lack of transparency.
Plan disclosed real estate and private equity commitments with existing manager relationships.
The plan is teaming up with a consultant to explore the creation of an emerging manager program.
The nonprofit has been gathering diversity statistics on its managers for years but has not publicly disclosed the figures yet.
Plan reviewed a search report that proposed three domestic small- to mid-cap value finalists for its $25 million mandate.
The firm met its goal of doubling the percentage of its investments with diverse managers to 10% from 5% by the end of 2025 and has established a new target to increase assets held by diverse managers to 15% by 2025.