Commitment represents a new relationship for the plan.
Plans expect to award a record keeper contract and discuss the potential replacement of an international value equity manager in September.
New public equity policy targets will help the plan better align with the global marketplace.
Plan invested with two international equity managers and a direct lending manager yesterday.
Plan expects to receive a recommendation in October.
Plan reallocated its $2.7 million international small- to mid-cap growth equity investment to an existing MSCI ACWI ex-U.S. Index fund.
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.
Global value hire will replace the plan’s existing passive global core equity mandate with Northern Trust Asset Management.
The plan concluded a global equity search conducted in the fourth quarter.
The plan also made several adjustments to its traditional growth portfolio at its meeting last week.