The university added several venture capital strategies and a buyout private equity fund to its endowment in the first quarter.
The plan’s incumbent is underperforming and will see its contract is expire this year.
Search is for two managers to handle nearly $500 million in total.
Plan will interview two emerging markets and four developed markets equity managers as finalists in its ongoing searches this summer.
The restructuring will next eliminate three more managers next month.
The plan is looking to place nearly $770 million with two managers.
The institution increased its allocation to venture capital and domestic equity allocations last week through target reductions to diversifying investments, international developed equity and emerging markets equity.
Plan selected two finalists in its emerging markets small-cap equity search and added a real assets commitment for pacing purposes today.
The plan hired two firms in its emerging markets equity manager search from the fourth quarter due to standard state procurement laws.
The plan’s incumbent manager will cease operations next month.