Passive Equity
The plan liquidated its inhouse passive global equity mandate and made $1.6 billion in total commitments in April.
The fund will consider closing its investment in an emerging markets index strategy and transferring the proceeds into a new passive vehicle with an existing manager to provide additional flexibility regarding its exposure to China.
The plan, which last conducted a similar search in 2010, will issue the RFP later next month.
The two incumbents were the only firms that submitted proposals.
The plan introduced a 5% target to private debt and restructured its U.S. fixed-income and both U.S. and non-U.S. equity portfolios last week.
The plan transferred the assets to an existing Standard & Poor’s 500 Index mandate last week.
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 plans were slated to receive an ESG manager search book this week and made several changes to their passive equity portfolio last month.
The fund added a global real estate strategy and passive international equity strategy with a New England-based firm to its roster of underlying funds to add more yield and reduce overall fees.