Northwestern Mutual will acquire a minority equity interest in Sixth Street.
The pension plan hired a domestic core fixed-income manager after increasing its target allocation to the asset class in the second quarter.
The plans terminated their mandate with domestic core-plus fixed-income manager Western Asset Management and hired a new record keeper in the fourth quarter.
The strategic, minority investment was made through Blackstone’s GP stakes business.
The deal will see approximately $6 billion in assets transferred to MetLife Investment Management.
The plan also received asset/liability stress test results from project-basis consultant Agilis at today’s board meeting.
The hire concludes an RFQ search launched in September.
The new chief distribution officer initially joined the firm in April to lead strategy and business development for its registered investment advisor distribution channel.
The deferred compensation plan terminated two domestic equity managers and an intermediate core-plus bond manager in the third quarter.
The pension plan will consider approving one credit and three real estate commitments totaling $180 million at its Jan. 9 investment committee meeting.