Hedge Funds
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
The plan will have further discussions on adding a 3% initial target to private equity at its November board meeting.
The system increased its investment with an existing long/short hedge fund manager and added two private equity commitments with existing managers earlier this month.
The university is considering adding a portable alpha allocation within one of its investment pools to diversify return exposures.
The plan disclosed various private markets commitments at its board meeting last week.
The plan will also eliminate its long/short equity portfolio.
The plan committed $130 million total to four existing managers and one new manager in June.
The plan approved a credit commitment with an existing manager and an internally managed absolute return allocation last week.
The plan is in the process of filling its 5% private credit target and conducting a real estate portfolio structure review.
The plan will hire a new high-yield fixed-income manager this fall.
