Real Estate
The plan committed to a new private equity manager relationship and trimmed its real estate portfolio.
The plan concluded its core real estate replacement search at a meeting last week.
The termination follows a completed asset/liability study.
The plan committed to three funds run by new manager relationships.
Plan re-upped with another commitment to an existing real estate manager.
The searches will help fill out an asset allocation approved in 2021 that included new targets to the asset classes.
The plan committed to new funds with two existing managers.
Firm closed its inaugural Barings Innovation and Growth Real Estate Fund and associated vehicles with $680 million.
The fund added a global real estate strategy and passive international equity strategy with a New England-based firm to its roster of underlying funds to add more yield and reduce overall fees.
The plan recently committed approximately $2.2 billion total to nine funds.