Non-U.S. & Global Equity
The firm had been on watch since the third quarter of 2019 due to underperformance.
The plan will target 5% each to the new asset classes.
The plan moved an emerging markets equity mandate to a passive account while it determines its long-term direction for the assets, which could ultimately remain passive.
The termination resulted from a public equity structure review presented by its general investment consultant on Wednesday.
The plan hired a global equity manager to replace its incumbent, which was liquidated this summer.
The plan will receive a recommendation to restructure its equity portfolios at a meeting this week, including terminating managers.
Review of broad international equity portfolio will come as plan has kept an eye on the underperformance of an emerging markets equity manager.
The plan expects to further discuss an international developed markets equity manager search at its upcoming board meetings and recently disclosed five private equity commitments.
The plan will also target more $720 million to alternative funds in 2023.
The plan expects to make a decision on hiring an emerging markets value equity manager at a future meeting following finalist presentations conducted this week.