The retirement system also wrapped up its first fiscal year as an independent entity by outperforming its benchmark by more than 100 basis points.
The pension plans had been expected to move a portion of a previously terminated U.S. all-cap value equity mandate to the new small-cap value manager.
The pension is expanding its emerging manager program into the public equity space after initial investments in alternatives starting in 2022.
The plan will move at least a portion of its roughly $57.4 million domestic small-cap core equity mandate to a passive option while it considers the role of the asset class as part of a broader public equity review.
The search is opened to commingled funds, mutual funds or limited partnerships.
The retirement system will consider placing its international small-cap core equity manager on watch at Friday’s board meeting.
The retirement system terminated its incumbent domestic small-cap core equity manager earlier this year.
The plan is seeking small-cap, small- to mid-cap and large-cap managers in a search open to core, growth and value styles.
A foundation based in the Midwest replaced a small-cap growth equity manager with a similar strategy.
The fund will discuss potentially conducting a search to replace its incumbent small-cap value manager due to underperformance.