Real Estate
The plan placed a firm on watch for failing to meet performance criteria and eliminated its REITs managers to reduce overall volatility within its real estate portfolio.
The strategy is firm’s first fund created specifically to serve the foundation and endowment investors.
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.