Real Estate
The plan will consider multi-asset credit manager recommendations in March and terminated mandates with GMO and MetLife last week.
The changes followed two separate asset/liability studies from general investment consultant Verus.
The plan expects to approve a recommendation in the third quarter.
The pacing plans will target a combined $625 million to the two asset classes.
The plan will consider hiring five multi-asset credit managers and terminating five existing managers.
The university invested $4 billion in the Blackstone Real Estate Income Trust and the firm will provide a $1 billion backstop if the fund does not achieve a minimum annual return of 11.25% for six years.
The commitment represents a new relationship for the plan.
The plan terminated a core real estate manager that had been on watch since March for both organizational and performance reasons.
Plan disclosed $415 million in recent alternatives commitments from December.
The plan added up to $340 million in commitments to existing private equity and real estate manager relationships.