Alternatives
The fund added a global real estate strategy and passive international equity strategy with a New England-based firm to its roster of underlying funds to add more yield and reduce overall fees.
The alternatives manager has completed the first close of its latest strategy targeting venture fund-of-funds and direct investments in technology companies.
The plan recently committed approximately $2.2 billion total to nine funds.
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.