Small-Cap
The plan concluded a non-U.S. equity portfolio restructure with an international small-cap hire this week.
The plan approved a search to fill a $390 million allocation last week.
The fund also failed to approve a hire in its private markets consultant search at today’s board meeting.
The pension plan has made four equity investments totaling $850 million.
The plan’s current U.S. small-cap growth equity option has experienced underperformance.
The pension fund also concluded a core fixed-income manager search with a hire at this week’s board meeting.
The plan replaced two existing managers in the fourth quarter due to underperformance.
The pushback on diversity, equity and inclusion by the federal government, which plans to investigate whether DEI initiatives at several large universities and foundations are illegal, alongside several state governments has left some nonprofit institutions questioning their mission.
The manager change follows a search presentation from the retirement fund’s consultant last month.
An RFP was issued last February for a total allocation between $90 million and $180 million.