The plan will seek one or two managers to handle a total commitment of $450 million.
Institutional investors prioritize stable investment teams and open communication in addition to consistent performance when evaluating managers.
The pension trust is targeting the RFP’s release for early summer.
The retirement fund disclosed $85 million in recent commitments across private equity and real assets.
The acquisition of the global fixed-income emerging manager will strengthen Allspring’s presence, particularly in emerging markets.
Dominic Marshall will take on the president role in addition to his cio duties a part of the firm’s long-term succession planning.
The fundraise increases total private credit strategy assets to $15 billion.
The fund surpassed its target and predecessor fund with $1.9 billion in total commitments.
The manager had been placed on watch for performance reasons in the fourth quarter.
The retirement fund will reissue a general investment consultant RFP after selecting a new firm for the role last month.