Hedge Funds
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.
The redemption follows the death of the firm’s founder and cio last month.
The plan disclosed $668 million in total commitments with one new manager and twelve existing managers in the fiscal second quarter.
The plan made several commitments to private markets funds last week.
The institution will come back with a recommendation on how to redeploy the assets from recently terminated public equity and hedge fund managers at a future meeting.