Passive Equity
The plan has begun its search seeking a Standard & Poor’s 500 Index manager.
The plan will issue RFPs within the next two months due to standard state procurement laws.
The plan is looking to invest up to $70 million total to passive equity managers.
Draft RFPs will be reviewed next month for scheduled publication in January.
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.
Plan will look to increase a direct lending fund-of-one commitment to $500 million from $300 million this week.
The pilot program is expected to launch in mid-October and implementation is slated for January.
The university approved adding a passive domestic large-cap value strategy to provide a more balanced approach to its equity portfolio and its first private debt manager as it looks to build out its allocation to the asset class.
The plan will revisit a recommendation to terminate its active domestic large-cap growth mandate and move the assets to a passive account.
The fund is seeking a firm to provide passive equity exposure for a portfolio with minimal tracking error due to the contract expiration of its current provider.