Real Estate
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.
The plan hired one firm to handle both general investment and alternatives consulting services.
Commitment represents a new relationship for the plan.
The fund will consider redeeming from a real estate manager next week due to continued underperformance as the strategy has been hampered by its concentration in office and retail.
The institution made the bevy of commitments with existing managers within its long-term portfolio between October and January.
The plan committed to a buyout fund and an opportunistic real estate fund at its board meeting yesterday.
Plan first invested with the real estate manager in 2012.