Real Assets
The plan recently committed $348.5 million total to two existing managers and terminated a high-yield fixed-income manager.
Plan will begin addressing high-level considerations and formulating plans to begin redeploying assets in private markets investments after halting new commitments since 2016.
The plan will hear presentations from two funds for recommended commitments next month.
The plan is seeking a consultant for real estate and other real assets.
Plan’s investment committee approved up to $115 million in alternatives commitments this month.
The real assets sustainability consultant’s new office will seek to tap demand for ESG consulting in North America.
The plan will seek a real estate manager to handle $30 million to $60 million and recently hired a hedge fund-of-funds manager as part of new absolute return portfolio structure.
The plan added follow-on real estate and real assets commitments at today’s board meeting.
Long-term real assets strategies like agriculture/farmland and timberland are beginning to garner renewed interest from institutional investors as inflation continues to impact the economy.
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.