Alternatives
The asset class would be new for the two plans.
The firm has made three senor hires to accelerate its efforts to reach the private wealth channel and make its alternative products more accessible to a broader investor base.
The search is open to North American-focused fund-of-funds managers.
Higher interest rates and inflation has put pressure on the companies that undergird the private credit markets and nonprofits investors should be mindful of the of the potential cyclical risks.
The fund approved the addition of core fixed-income, international equity and private equity secondaries investments during its board meeting last week and is slated to consider combining two of its ten investment pools later this month.
The plan made $650 million in total private markets commitments during the first quarter.
The plan recently terminated three equity managers and made private markets commitments totaling $95 million.
The pension plan approved three commitments with an existing manager relationship last week.
The plans approved commitments with two existing manager relationships last week.
The commitments were made under the plan’s delegated authority.