Plan added a $15 million private equity commitment at last week’s board meeting.
Consultant recommended small-cap value manager search as part of a U.S. equity structure review presented last month.
Plan may conduct a non-core real assets manager search in the third quarter and recently simplified its domestic equity portfolio.
Selected firm was one of three candidates.
Program is seeking up to two firms to handle four investment options.
Search is for two managers to handle nearly $500 million in total.
Plan’s passive investment exposure will now be with one manager.
Plan reallocated its $2.7 million international small- to mid-cap growth equity investment to an existing MSCI ACWI ex-U.S. Index fund.
Maiden Russell 1000 Value Index Manager will handle $20 million on behalf of the plan.
Global value hire will replace the plan’s existing passive global core equity mandate with Northern Trust Asset Management.