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The retirement system expects to issue the RFP in November.
The firm’s new president will succeed Eric Stevenson, who will retire in 2026 after seven years in the position.
The retirement system made three private equity commitments totaling $100 million in August.
The change comes as part of an overall review of the real assets portfolio by its general investment consultant.
The retirement plan will seek board approval to add two domestic equity managers on watch next week.
The state pension plan also committed up to $400 million across two venture capital funds at its meeting today.
Anwiti Bahuguna has been named global co-cio of Northern Trust Asset Management.
The pension plan approved asset allocation changes within its domestic equity, real estate and private markets portfolios yesterday.
The incumbent submitted the sole proposal in response to an RFP issued in May.
The retirement system established a new 5% target to the asset class last year.