Passive Equity
CIO Jonathan Grabel recently rehired the trust’s public markets passive manager and the pension plan made a $270 million private equity commitment this week.
The pension plan is seeking passive index and transition advisory services as it readies a long-awaited transition out of a larger fund.
The retirement system conducted a similar search in 2016 when it rehired its incumbent manager.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group as well as its sustainable equity mandate with Neuberger Berman in February.
The plan is looking to invest up to $175 million initially with the selected manager.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group after receiving an annual share class review in February.
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.