The fund approved fully redeeming from a real estate manager this week due to continued underperformance as its strategy has been affected by its concentration in office and retail properties.
Plan added a follow-on commitment to a multi-family real estate fund in April.
Plan made commitments to eight existing managers and one new manager last month.
The firm replaces a manager that is closing next month.
Plan will ultimately move an approximately $300 million mandate to a more focused strategy from its incumbent.
Plan’s decision to move all of its fixed-income assets in-house will reduce its annual fees.
The fund has already committed or closed on $300 million in investments.
Plan first invested in the strategy in 2013.
The plan hired one firm to handle both general investment and alternatives consulting services.
Commitment represents a new relationship for the plan.