International / Global / Emerging Markets
The hires conclude a search first approved in June.
The termination resulted from a public equity structure review presented by its general investment consultant on Wednesday.
The plan retained two managers based on the recommendation of its general investment consultant.
The pacing plan will commit a total of $825 million to real assets and private equity strategies.
The plan is conducting the search due to the April 2023 contract expiration of its incumbent, which was rehired in 2018, 2013 and 2008 following similar searches.
Review of broad international equity portfolio will come as plan has kept an eye on the underperformance of an emerging markets equity manager.
The searches are being conducted to comply with state procurement laws.
The plan expects to further discuss an international developed markets equity manager search at its upcoming board meetings and recently disclosed five private equity commitments.
Plan will potentially launch an RFP for an emerging markets equity manager after adding a second firm to diversify its exposure to the space this week.
The fund added a global equity investment with a newly operational firm this week.