The pension plan is still intent on building its own private equity organization.

But even if they stay in the black, they will be puny compared to 2018’s blowout.

Officials expect the space to return 8%-10%, outperform commercial real estate by 200 basis points.

It checks the boxes: diversification, non-correlated, steady demand. But watch out for Mother Nature.

“Novisi brings private markets depth to our eclectic team’s disciplined investment process. Her prior experiences in private equity and investment banking, burnished by her academic achievements at Harvard and Stanford, positioned her to make contributions across our private assets complex as well as our public assets and portfolio construction efforts.”