Equity
The deferred compensation plan will consider potentially replacing two equity managers, which are both on watch.
The upcoming search will seek potential replacements for the plan’s incumbent, which handles $477 million.
The plan also approved a new international equity structure and a real estate pacing plan at today’s board meeting.
The university will consider public equity investments with domestic and international equity managers within its endowment at this month’s board meeting.
The university is set to allocate more to domestic stocks and private equity within its largest endowment portfolio after revising its target asset allocation last week.
The plan is looking to hire one manager that is benchmarked against the Russell 2500 Index.
The search follows the plan’s decision to divest its emerging markets equity allocation from Chinese holdings.
The pension plan liquidated its approximately $1.9 billion international equity mandate and made commitments totaling $108 million in April.
The pension plan has replaced its domestic core-plus fixed-income manager due to personnel changes and underperformance.
The pension plan has replaced its incumbent domestic small- to mid-cap value equity manager, which had been on watch.