Equity
The pension system made its first traditional private equity buyout commitments in years at today’s board meeting.
The domestic small-cap equity manager’s returns ranked below its peer group median and the strategy had low tracking error relative to the peer group.
The fund added an international equity large-cap equity manager to watch status in the fourth quarter as the strategy had underperformed the MSCI EAFE Index for the trailing quarter, one-, two-, three- and five-year periods.
The pension fund hired two firms to replace a previously terminated underperforming manager.
The retirement system also approved new target allocations for its public equity managers at today’s investment committee meeting.
The firm will manage separate mandates for the city’s pension plan and OPEB Trust.
The deferred compensation plan also terminated its global large-cap growth equity manager in February.
The plan terminated two managers as part of a non-U.S. equity structure study.
The fund approved the addition of a new international equity manager in April to complete its search for a core manager from 2025.
The government is launching the country’s first national sovereign wealth fund and will provide $25 billion over three years on a cash basis to seed the fund.
