Small-Cap
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.
The retirement system will interview two growth and two value finalists next month.
