Credit/Private Debt
Plan rejected the commitment after receiving additional information about the firm’s ongoing litigation yesterday.
Plan re-upped with a direct lending manager already managing funds in its portfolio.
The plan hired Ares Management to handle a new 5% allocation to opportunistic credit approved last year.
The firm, which allocates private debt capital to microfinance and small and medium-sized finance institutions, has promoted its coo to ceo to handle day-to-day management.
The plan will discuss adding a 3% private debt target at its board meeting on Friday.
Plan’s investment committee was scheduled to interview four firms in the search for an up to $60 million allocation.
Plan will review two funds previously narrowed from a direct lending search presented in February.
He will focus on continuing to grow the firm’s European corporate credit investment platform.
System’s endowment is underweight its target to the asset class.
The four new firms help make up the plan’s new $5.2 billion fixed-income structure.
