International / Global / Emerging Markets
The retirement system terminated an international large-cap growth equity manager first hired in 2016.
Fund commitments, including to related co-investment vehicles, are twice the initial target and four times the size of the predecessor strategy.
The retirement system also committed more than $1.5 billion to private markets.
The plan issued an RFP earlier this year for diversification purposes.
The investments and commitments total more than $650 million across public equity and private markets.
The plan placed its sole global equity manager on watch in the second quarter.
The plan adopted a new non-U.S. equity structure last month for diversification purposes.
The new firm will complement two existing managers within the plan’s international equity portfolio.
The retirement system also opted against action following an equity structure review last month.
The two managers were placed on watch last quarter for performance reasons.
