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.
The search is being conducted to comply with standard state procurement laws.
Plan also adopted a new asset allocation that includes a maiden target to private debt.
The plan hired a passive international equity manager in an effort to implement a hedging program and will see their first investment officer depart next week.
The search is for a manager to handle six index funds.