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.
Plan made commitments to eight existing managers and one new manager last month.
Plan expects to receive a recommendation at its Oct. 12 board of investments meeting.