Real Estate
The searches are for international small-cap equity, emerging markets equity, real estate, private equity and private debt managers.
Nonprofits still see opportunities in alternative asset classes, like smaller or specialized buyout strategies, venture funds or private debt strategies that benefit from macro trends like the higher interest rates, rapid development of artificial intelligence or transition to clean energy.
The firm’s latest fund targeting value-added investments in hotels across the U.S. was oversubscribed after receiving commitments from endowments, foundations, public and corporate pension plans, insurance companies and wealth management firms.
The plan made several commitments in alternatives asset classes in November and December.
The plan also committed to a non-core real estate fund and will redeem from a core fund.
The pension plan liquidated its approximately $210 million domestic small- to mid-cap growth equity and made commitments totaling $120.5 million in November.
The plan last conducted a real estate consultant search in 2017.
The pension plan created stand-alone target allocations for real estate and infrastructure and recently added a new member to its investment staff.
The plan committed to three real estate funds for pacing purposes.
The pension plan liquidated an approximately $237 million global equity mandate and made commitments totaling $1.4 billion in October.