Equity
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.
The fund approved the addition of core fixed-income, international equity and private equity secondaries investments during its board meeting last week and is slated to consider combining two of its ten investment pools later this month.
The retirement system has terminated a global equity manager that it first hired in 2014.
The plan recently terminated three equity managers and made private markets commitments totaling $95 million.