Private Equity
The plan added $15 million in follow-on commitments across two funds in March.
The plan approved a private equity commitment and was informed of staff-delegated investments this week.
The plan will include its two incumbent international value equity managers in a search to review the asset class universe.
The searches will help fill out an asset allocation approved in 2021 that included new targets to the asset classes.
Smaller endowments should reassess their portfolios to incorporate private equity as opportunities for greater returns arise.
The plan’s general investment consultant informed the board that an RFP would go out this year.
The funds will invest in incubation, seed, Series A and Series B stage digital-health startups.
The plan will not commit any additional capital to the program due to potential issues, including conflicts of interest and lack of transparency.
The plan’s incumbent consultant was first hired in 2015.
Middle market private companies experienced year-over-year earnings and revenue growth of 11% each during January and February, according to a report from Golub Capital.
