The founder of the Simons Foundation, who previously led leading quantitative hedge fund manager Renaissance Technologies, died on May 10 in New York City at the age of 86.
The plan also terminated a bank loan manager at its March board meeting.
The foundation added distressed credit, mezzanine debt and hedge fund-of-funds strategies to its portfolios last year.
The searches result from a new strategic asset allocation.
The plan made several changes to its manager watch list at a recent meeting.
The plan eliminated two hedge fund investments and will redistribute the funds to increased allocations with other portfolio managers.
The plan will issue an RFP later this year due to standard state procurement laws and has also tabbed several private markets searches.
The plan also made a $50 million long/short equity investment last month.
The termination results from a new asset allocation.
The board replaced existing passive domestic equity and hedge fund managers at a meeting last month.