Large-Cap
The plan also hired an active domestic large-cap core equity manager at today’s board meeting.
The retirement system approved a private equity fund-of-funds commitment to an existing manager relationship at yesterday’s board meeting.
The retirement system selected a new manager following three finalist interviews held last week.
The plan hired one new manager and retained one incumbent today.
The plan’s existing large-cap growth manager had underperformed.
The pension plan will conduct domestic large-cap and small-cap equity manager searches this year.
The investment committee approved a pair of active large-cap equity managers to replace a factor-based allocation this week.
Historic market concentration within the Standard & Poor’s 500 Index has led to a resurgence in active domestic large-cap core equity investing among institutional investors.
The plan’s general investment consultant will bring a search report next month.
The retirement system was slated to terminate a U.S. large-cap growth equity manager last month.