Alternatives
The plan will revisit a proposed asset allocation that would incorporate a maiden private credit target at next month’s board meeting.
The search follows the departure of an investment associate that left at the beginning of the year to join a West Coast endowment.
The fund added two new private credit managers to its portfolio last week following a recommendation from its general investment consultant due to an expected recessionary environment and opportunities expected to arise from the recent regional bank crisis.
Plan disclosed real estate and private equity commitments with existing manager relationships.
The plan added a European private equity commitment in the first quarter.
Plan is seeking proposals from direct lending, opportunistic and distressed/special situations private credit funds that are currently fundraising.
The foundation is looking to build out its private investments over the coming years after revising its target asset allocation and significantly increasing allocations to several alternative asset classes in fiscal year 2022.
The plan will seek to commit up $300 million across multiple private credit strategies as part of an RFP scheduled to be issued on Monday.
Survey respondents cited inflation mitigation as one of many motivating factors driving investor attraction to private infrastructure.
The foundation is seeking an investment manager for private markets to help source and evaluate investment strategies across buyout, growth, venture capital, special situations, real estate and infrastructure.