Real Estate
The university has increased its targets to private equity and real assets at the expense of global equity and marketable alternatives to improve its portfolio’s return and risk profile.
The plan’s new private markets allocation will consist of one-third private equity, one-third private debt and one-third real estate/real assets.
The plan liquidated its emerging markets equity fund-of-funds mandate and made $1.3 billion in total commitments in June.
The searches are part of an implementation plan following approval of a new asset allocation in May.
The plan concluded its investment consultant and private investment consultant searches that began last year, retaining its general consultant and hiring a new private investment consultant.
The plan will target $110 million to core managers and $60 million to non-core emerging real estate managers.
The plan initiated both searches earlier this year for pacing purposes.
The plan also made an infrastructure commitment at a board meeting today.
The plan approved a new real estate manager structure that factored in the implementation of a recent manager hire and adopted a new asset allocation last month.
The plan is seeking one or more firms to provide non-discretionary consulting services for three asset classes.