Small-Cap
The system is seeking small-cap strategies as part of a U.S. public equity manager RFQ launched this month.
The termination stems from asset outflows and underperformance.
The retirement system also approved private equity and real estate commitments totaling $60 million yesterday.
Nonprofit investors and allocators are tempering expectations for their portfolios in 2026 as they prepare for more moderate returns resulting from increased volatility and heightened valuations along with persistent macroeconomic and geopolitical uncertainties.
The incumbent domestic small-cap growth equity manager had been on watch due to personnel changes and underperformance.
The decision followed finalist interviews with two firms at last month’s board meeting.
The plan’s initial priority will be to conduct a global core/value equity strategy search to compare with an existing investment manager.
The plan expects to approve three recommended finalists for future interviews at this week’s board meeting.
The pension system hired a new manager after closed session deliberations at a meeting this week.
The plan also concluded its small-cap growth search at today’s board meeting.