Equity
The pension plan terminated two domestic equity managers in the second quarter.
The plan’s investment consultant recommended hiring specialized managers for its non-U.S. equity portfolio.
The board also disclosed a private equity commitment at today’s investment committee meeting.
The plan also made two private markets commitments last month.
The plan concluded its global equity manager search with a replacement for one existing firm.
The plan will fund a new passive manager by redeeming an active one within its international equity portfolio.
The retirement system recently replaced its domestic large-cap value equity manager due to underperformance.
The retirement system is seeking strategies across the international equity spectrum.
The retirement system made a manager switch after issuing an RFP in February.
The plan also held executive director interviews last week.
