Large-Cap
The nonprofit hired a new active domestic large-cap equity manager last month after deciding to move away from passive equity management this summer.
The plan is conducting the searches to comply with state procurement law.
The plan retained two managers based on the recommendation of its general investment consultant.
The university approved terminating an active domestic large-cap value equity mandate and transitioning the assets to two passive index strategies alongside plans to ask the state legislature to create a $1 billion permanent endowment.
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.
The plan concluded a search that began in October due to underperformance and personnel changes at its incumbent.
The plan’s general investment consultant will report back on its due diligence meeting with the firm.
The plan hired a passive domestic large-cap growth equity manager to replace an active mandate.
The plan is looking to potentially replace an underperforming manager.
The plan moved an additional $30 million to an active equity manager hired over the summer.