Credit/Private Debt
The retirement system approved a $35 million commitment to a middle market senior loan fund at its board meeting yesterday.
The fund approved the addition of an upper middle market direct lending manager as its general investment consultant viewed the strategy as complementary to existing managers in the portfolio.
The foundation committed an undisclosed amount as an anchor investment to a new private credit strategy focused on senior secured facilities, mezzanine facilities and participating capital and asset-backed loans.
The pension plan committed $10 million to an existing private equity manager relationship and approved a 2024 private markets pacing plan in May.
The search, which is open to direct lending strategies only, is for a manager to handle $10 million.
The plan’s real estate committee approved four commitments in August and its hedge fund committee terminated an existing mandate in July.
The fund will consider adding an upper middle market direct lending strategy to its portfolio as part of its buildout of some illiquid asset classes.
The fund expects to receive recommendations to add new multi-strategy hedge fund and international equity managers to its portfolio this month after making a private credit commitment at the end of the third quarter.
The plan’s investment committee will recommend the commitment to the full board at an upcoming meeting.
The pension plan committed $130 million total to two managers yesterday.