Equity
The foundation approved investments with two Black-led strategies as it looks to achieve its goal of allocating half of its portfolio to diverse-owned managers by the end of 2025.
The retirement fund made commitments totaling $2.7 billion in August.
The plan’s current international equity manager recently saw the departure of a portfolio manager.
The deferred compensation plan replaced its emerging markets equity manager, which had been on watch, in the second quarter.
The plan’s sole emerging markets equity manager was first hired in 2017.
The program approved the addition of a new small-cap value fund to replace an existing strategy within a lineup of underlying fund managers and rehired its investment consultant for a three-year term.
The retirement system is seeking an international growth equity manager to handle $200 million.
The plan replaced its international growth equity manager in June.
The termination, which was recommended by the plan’s general investment consultant, stems from performance reasons and a key personnel departure.
The plan took action on two search reports provided by its general investment consultant at its board meeting this week.