Non-U.S. & Global Equity
The plan is slated to conclude its global equity emerging manager program search and increase its allocation to the program at a board of investments meeting tomorrow.
The plan terminated a $475 million emerging markets value equity mandate in May and approved private markets commitments totaling $170 million in June.
The plan is seeking international developed markets large-cap value managers due to the upcoming contract expirations of its incumbents.
Program had underperformed its custom benchmark net-of-fees since inception.
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.
The plan disclosed two recent commitments totaling $900 million and named a replacement for CFO Barry Faison, who will officially retire on Dec. 31.
Plan will look to increase a direct lending fund-of-one commitment to $500 million from $300 million this week.
The plan hired two new managers and disclosed five commitments at yesterday’s board meeting.
Plan hired an international value mandate to fill replace a manager terminated at the end of 2021.
The plan recently placed an international large-cap equity manager on watch due to underperformance and made $80 million in total private equity commitments.