Large-Cap

Terminated firm had been placed on watch for performance reasons last month.

Consultant recommended small-cap value manager search as part of a U.S. equity structure review presented last month.

Plan will ultimately move an approximately $300 million mandate to a more focused strategy from its incumbent.

Commitment represents a new relationship for the plan.

The plan had moved to a fully passive large-cap allocation in 2020 but general investment consultant Meketa Investment Group sees an opportunity for concentrated active managers.

Selected international large-cap growth equity manager will handle between $1 billion and $2 billion and the U.S. REIT manager will manage between $100 million and $200 million.