Credit/Private Debt
The alternatives platform will acquire a minority stake in the private credit firm launched by former
Northern Trust Asset Management President Shundrawn Thomas.
The switch was made after a change in the incumbent firm’s ownership.
The plan will see its overall private markets target increase to 40% from 33%.
The plan was slated to interview managers in late 2023 following approval of a new target asset allocation.
The plan eliminated two hedge fund investments and will redistribute the funds to increased allocations with other portfolio managers.
The plan interviewed a total of three firms last month.
The pension plan will review its domestic core fixed-income manager search at an April 26 board meeting and selected a new executive director last month.
The plan’s upcoming search will not include its incumbents.
The pension plan approved three commitments totaling $175 million yesterday.
The retirement system made up to $250 million in private equity commitments among new and existing relationships.