Hedge Funds
The plan will seek a replacement for a manager redeemed last month due to organizational concerns and performance reasons.
The search follows discussions on an underperforming incumbent manager.
The plan’s incumbent consultant was first hired in 2015.
The plan will look to hire maiden ACWI-ex U.S. large-cap core and small-cap equity managers.
The plan removed two hedge fund investments totaling $40.8 million from its portfolio this week.
The commitments were recommended in closed session of yesterday’s board meeting.
The decision was made after the firm recently proposed an incentive fee floor.
The plan made a selection following finalist presentations held at its February board meeting.
The plan fully redeemed a market-neutral investment and will consider an international small-cap value equity manager hire.
The plan terminated an approximately $182 million long-only alpha mandate and made commitments to three existing and one new manager relationship in January.