Searches And Hires
The retirement system will consider options to replace its investment in Wellington Management Company’s Wellington Opportunistic Investment Fund, which is closing.
The retirement system was scheduled to consider domestic large-value equity alternatives to incumbent GAMCO Investors due to concerns over succession planning.
The $50 million in total commitments is subject to board approval next week.
The plan will seek a global equity manager to equitize upcoming proceeds.
Interested firms must be raising at least $300 million in commitments.
The plan will reduce its domestic large-cap growth exposure by eliminating an existing manager.
The deferred compensation plan is looking to create a bench of qualified investment managers.
Five total firms were interviewed at a board meeting yesterday.
The fund received a total of six bids in its private markets consultant search.
The retirement system recently added four private markets commitments totaling $32.6 million.