Real Estate
The plan made real estate and infrastructure commitments at a meeting this month.
The plan committed to two value-add real estate funds at today’s board meeting.
The plan’s real estate committee approved four commitments in August and its hedge fund committee terminated an existing mandate in July.
The pension plan selected seven absolute return managers for possible inclusion within its investment lineup and tweaked its asset allocation policy last week.
The plan hired several managers at its board meeting today, totaling more than $1 billion.
The commitments conclude a real estate search that began last year.
The plan approved a private equity commitment at today’s meeting.
The pension plan will conduct two manager searches after approving a fiscal year 2024 real assets investment plan.
The fund approved restructuring its real estate portfolio in favor of a core-satellite portfolio with a core mandate and two to three satellite managers and also added two 130/30 managers to create a market cap and style neutral portfolio structure.
The pension plan recently committed $275 million total to two funds and terminated existing convertibles and real estate debt strategies.