Real Estate
The fund had been on watch for underperformance since last year but more recently abruptly replaced its lead portfolio managers.
The retirement fund also disclosed commitments totaling roughly $1.5 billion in March.
The plan tapped an active manager after voting to move to an all-active approach for the fixed-income portfolio to achieve better long-term return prospects.
The retirement system will also consider hiring managers in its diversifying strategies manager searches this week.
The board recently made private credit and private equity commitments totaling $208.5 million.
The pension fund launched a search for managers earlier this year.
The plan also added a pair of commitments to a new private equity manager relationship.
The pension plan disclosed commitments totaling $720.7 million in the first quarter.
The recommended hire of an additional active core-plus manager comes after the decision to implement an all-active approach.
The plan’s RFP received a total of 16 open-end real estate products.
