Emerging/Diverse Managers
The plan will target eight to 10 emerging buyout funds.
The fund reviewed roughly $1.7 billion in intended private equity and real estate commitments this week.
The oversubscribed fund closes with approximately $1.31 billion of capital commitments, including $162 million of committed co-investment capacity.
The retirement system approved the hire following a search report presentation from its consultant.
The plan is looking for non-emerging, emerging and emerging managers-of-managers.
The search for each retirement plan is due to state statute requirements.
The retirement fund terminated an emerging markets large-cap core equity manager and made commitments totaling $2.7 billion in January.
The firm saw its director of diverse manager equity leave after nearly nine years of service to advance representation across industries.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
The Latina-led venture capital firm recently closed its latest fund after garnering several commitments from foundations, two endowments and a religious institution’s investment team.