International / Global / Emerging Markets
The firm has launched a new team focused on private markets to invest in middle market private infrastructure companies in the energy generation and storage, transport and mobility and circular economy sectors in emerging Asia excluding China.
The foundation liquidated a core-plus fixed-income mandate and replaced two emerging markets equity managers in the third quarter.
The two manager terminations stem from underperformance, asset outflows and high fees.
The plan opted to invest its 6% target to emerging markets equity with two active ex-China managers this week.
The plan will invest $150 million into Ninety One’s Global Environment strategy.
The plan hired a new international value equity manager following finalist interviews at its September board meeting.
Geopolitical events, regulatory changes and policy shifts have led investors to reevaluate the role of exposure to China in their portfolios.
The plan also made a private equity commitment in the second quarter.
The plan is also slated to kickstart an asset/liability study and will see the results early next year.
The trust fund approved new international equity, private equity co-investment and a private credit secondaries investments during its board meeting last week.
