Non-U.S. & Global Equity
The RFP is slated for approval at the plan’s meeting next month.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.
The search follows approval of new asset allocation policies, which introduced a 5% target to international small-cap equity for each plan.
The plan approved a consultant recommendation to replace its domestic large-cap growth equity manager last quarter.
Plan shifted its mandate with a diverse-owned international equity manager to its passive allocation in the asset class.
The plan will include its two incumbent international value equity managers in a search to review the asset class universe.
Plan intends to issue an RFP to seven to 10 firms in June after narrowing the universe to 15 potential candidates through screening.
The plan recently committed approximately $2.2 billion total to nine funds.
The plan diversified its international equity portfolio by swapping a growth manager for a value manager this week.