International / Global / Emerging Markets
The retirement fund liquidated a $243 million international equity mandate and made commitments totaling $770 million in December.
The assets will be indexed and no replacement search is planned.
The plan considered the termination as well as a restructure of its international small-cap portfolio in December.
Industry strategists see investment opportunities outside of the U.S. in emerging markets, but risks, such as China and its slow growth, pose challenges that institutions should be mindful about, according to a recent webinar.
The plan began an invitation-only search last quarter.
The plan is preparing searches for international and U.S. small-cap equity managers for this year.
The plan will interview four finalists in its international small-cap value search.
The foundation added private equity, private credit and international developed markets equity strategies to its portfolio in the second half of 2023.
The institution added a global equity manager to its watchlist due to organizational changes and made an infrastructure commitment as part of its pacing plan last year.
The searches are for international small-cap equity, emerging markets equity, real estate, private equity and private debt managers.