Credit/Private Debt
The pension plan liquidated its approximately $1.9 billion global equity mandate and made commitments totaling $1.6 billion in March.
The commitments include a new manager relationship for the plan.
The retirement system opted to pursue entering a contract with a new private debt fund after failing to come to an agreement with a previous selection.
The firm closed its latest flagship private market fund with nearly $4 billion in commitments from nonprofits and other institutional investors globally.
The investment and operations committee approved discretionary private credit and non-core real estate partnerships at this week’s meeting.
The pension fund committed to private credit and private equity buyout funds.
The pair of commitments are subject to approval from the full board later this month.
The plan is seeking proposals from private debt managers offering direct lending strategies.
The firm has hired the former director of investments at a mid-Atlantic-based college as a managing director of private markets to provide investment advice, income tax minimization and wealth planning and financial administration solutions.
The foundation added distressed credit, mezzanine debt and hedge fund-of-funds strategies to its portfolios last year.