Credit/Private Debt
The pension plan will liquidate its $227.5 million timber mandate and $106.4 million farmland mandate due to underperformance.
The pension plan recently committed to an existing credit manager.
The search is open to fund-of-funds, co-investments and private debt strategies.
The commitments total $850 million to existing relationships.
The fund expects to hear recommendations on adding private credit, venture capital and public fixed-income managers over the next quarter and a half.
The retirement fund is seeking multiple managers to handle approximately $350 million in assets.
The $20 million commitment results from an ongoing search in the space.
The plan made its first commitment to private debt at its board meeting yesterday.
The commitments include two custom mandates.
The plan added a private credit commitment at last month’s board meeting.