Hedge Funds
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.
The plan may look at long/short hedge fund opportunities due to performance concerns with its incumbent long/short manager.
The plan approved a core-plus fixed-income manager search and terminated its hedge fund-of-funds mandate as the result of a new asset allocation policy.
