The first private equity initiative of Ariel Investments will leverage $1.45 billion commitments.
The plan is seeking one or two separate account managers to establish emerging manager programs for real assets and real estate.
The plan narrowed its domestic small-cap value equity search to three finalists and concluded its diverse fund-of-funds search.
The departure has led to at least one client placing the firm on watch.
The plan expects to approve a recommendation in the third quarter.
The search will target multiple managers to each handle a maximum of $600 million.
The commitment represents a new relationship for the plan.
The plan hired a new domestic small-cap equity manager at its board meeting this month.
The will issue an RFP targeting smaller core fixed-income managers tomorrow.
The recent study continues to see greater participation and transparency among foundations as the nonprofits continued to increase investing with diverse-owned firms.