International / Global / Emerging Markets
The retirement system expects to launch an emerging markets small-cap search before the end of the year and a broad emerging markets search next year.
The plan is looking to invest up to $450 million with qualified managers.
The retirement system hired Dimensional Fund Advisors to handle international value and domestic small-cap value equity mandates last quarter.
The board replaced its international large-cap value equity manager in October due to underperformance.
The plan also made a hire to replace its mandate with Western Asset Management.
The plan will further review potential emerging markets equity manager replacement options in January.
The plan reduced its international small-cap equity portfolio to two managers from three at last week’s board meeting.
The plan is slated to select a shortlist of managers at its investment committee meeting next week.
The plan’s investment consultant will present potential alternatives at its next investment committee meeting.
The university moved its endowment toward private equity, U.S. equity, global equity and hedge funds, as part of a new investment policy statement approved at its November meeting.