The System provides access and opportunities to underrepresented groups by identifying and minimizing barriers to open and equitable processes.
Terra Maria Emerging Manager Program
While the focus of our Terra Maria program is on emerging managers, it also promotes and encourages participation by minority- and women-owned business enterprises (MWBE).
- Terra Maria assets in public market securities totaled $2,187.89 million, representing roughly 3.4% of total plan assets.
- In private equity, commitments to Terra Maria managers equaled $4,275 million, representing roughly 6.6% of total plan assets.
Minority- and women-owned business enterprises represented 81.2% of the Terra Maria public markets portfolio, while 89.8% of the Terra Maria private equity program was directed to MWBE, as detailed in the following tables:
Access For All MWBE Firms, Including Terra Maria Managers
In addition to the assets allocated to emerging managers through Terra Maria, the System also provides direct allocations to MWBE firms on a larger scale.
Investment managers seeking to engage with the System have vast access to the System’s Investment Division and investment consultants.
Investment Division Tracking
The Investment Division conducted 300+ manager meetings, and more than 15% of those were with MWBE firms. (June – December 2022)
Investment Consultant Tracking
Each year, the combined activity from the System’s general and private equity consultants results in the following access:
- ~ 2000+ new manager screenings/year
- ~ 400+ emerging manager screenings
- ~ 300+ emerging manager meetings
Brokerage commissions are another area where the Investment Division promotes access and opportunity in the administration of the System. While there are no set allocation targets for the System’s MWBE brokerage firms, in fiscal year 2022, 23% of all commissions paid by the System were directed to MWBE firms. This represents a significant increase relative to the meaningful 16% allocation in fiscal year 2021. The breakouts of commissions paid to the System’s MWBE brokers for fiscal year 2022 are shown in the pie charts below.