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The pension fund made the decision following a search presentation from its general investment consultant in April.
The hire concludes a shortlist search that resulted from a global equity restructuring last month.
The retirement system’s cio will retire at the end of this month.
The plan interviewed three managers at its meeting earlier this month.
George Floyd’s murder on May 25, 2020 sparked protests regarding racism throughout the country, and further, ignited conversations and movements surrounding racial diversity and inclusion that extended to the investment space.
Black-owned and led alternatives firms saw the majority of investment manager search and hire activity as institutional investors continued to focus on private markets, FIN Searches data shows.
The overall slowdown in private markets commitments did not stop two Black-owned firms from closing funds as early-stage venture capital firms Collab Capital and Zeal Capital Partners recently announced closes for their respective second funds.
The growth in the largest Black-owned investment firms has slowed over the past year but continued its upward trajectory, new data from FIN Searches shows.
A foundation based in the Midwest is looking to hire its first-ever cio to manage its more than $1 billion investment portfolio.
The retirement system re-upped with a European credit manager this week.