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A mid-Atlantic church has issued an RFP seeking an investment advisor to oversee and manage two portfolios.
The foundation approved investments with two Black-led strategies as it looks to achieve its goal of allocating half of its portfolio to diverse-owned managers by the end of 2025.
The plan’s U.S. large-cap equity portfolio is now held in one passive mandate.
The firm’s $870 million fundraise surpassed both its target and original hard cap.
The search follows a structure review that calls for two core and core-plus managers.
The investment fund is seeking large-market private equity buyout and non-core infrastructure strategies.
The retirement fund made commitments totaling $2.7 billion in August.
The fund has allocated nearly 70% of its total equity across 70 assets that span seven alternative sectors.
The fund will see its senior portfolio manager of private equity depart later this week.
The plan is looking to invest $350 million with multi-strategy hedge fund-of-funds managers.