Credit/Private Debt
The pension plan’s investment committee approved commodities, fixed-income and private credit commitments last week.
The selected firm will assume an $86 million mandate currently handled by an underperforming manager.
The pension plan liquidated an international equity mandate and made $1.8 billion in total commitments in September.
The pension plan made a $15 million credit commitment earlier this month.
The plan committed to four firms that represent new relationships.
Expansions will help the systems reach their goal of having 15% of U.S.-based actively managed investment assets with diverse-owned firms by 2025 and 20% by 2029.
The pension plan will consider tweaking its asset allocation for fiscal year 2024 at its board meeting tomorrow and disclosed commitments totaling $450 million at today’s investment advisory committee meeting.
The plan is considering commitments to four private equity funds and one credit strategy.
One of two private credit commitments approved earlier this year has failed in negotiations.
The plan is seeking a firm to provide fiduciary investment advisory services.