Equity
The new manager will diversify the fund’s U.S. equity portfolio following approval at an October board meeting.
The retirement system terminated an international large-cap growth equity manager first hired in 2016.
The retirement system also committed more than $1.5 billion to private markets.
The plan issued an RFP earlier this year for diversification purposes.
The ballot measure aims to establish an endowment to support state government instead of taxing residents with a goal of eliminating individual and corporate income taxes, sales taxes and all other state-sanctioned taxes.
The plan made two hires in its small-cap core equity manager search last quarter.
The retirement system also liquidated its domestic small- to mid-cap value equity mandate last month.
The investments and commitments total more than $650 million across public equity and private markets.
The plan placed its sole global equity manager on watch in the second quarter.
The plan adopted a new non-U.S. equity structure last month for diversification purposes.
