Real Estate
The plan approved criteria for its short-duration fixed-income manager search and made an opportunistic real estate commitment for pacing purposes last week.
The plan eliminated a 5% target to emerging market debt and redistributed it amongst existing asset classes.
Plans added a re-up commitment to a private equity firm and a new commitment with a real estate firm this week.
The plan’s incumbent manager will see its contract expire this year.
The plan’s incumbent manager was recently placed on watch for underperformance.
The plan terminated an approximately $182 million long-only alpha mandate and made commitments to three existing and one new manager relationship in January.
The plan considered a new asset allocation last month that would increase its fixed-rate debt target and previously committed to an existing real estate debt manager.
The plan conducted a similar search in 2021 that did result in any hires.
The commitments include two new relationships for the council.
The plan is considering follow-on commitments to eight existing managers.