Emerging/Diverse Managers
The commitment was made as part of the foundation’s efforts to align 100% of its investments with its mission.
The firm has $40.4 billion of $1.4 trillion in client assets invested with diverse managers.
The plan made private equity and real estate commitments with two new managers and five existing managers in March.
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.