Credit/Private Debt
The state investment management board is searching for a long-only separate account manager for the asset class.
Direct lending would represent a new strategy for the plan.
The retirement system hired two active domestic fixed-income managers and approved a structure for its new private debt portfolio today.
The search will be for two managers to handle up to $483 million.
The retirement system agreed to launch an evergreen private debt manager search and terminate three managers as part of a new asset allocation policy.
The fund has already deployed over 50% of its commitments.
The retirement system will consider hiring two active domestic fixed-income managers and approving a structure for its new private debt portfolio this week.
The pension plan hired a multi-strategy manager and diversified fund-of-funds manager to evenly split its 2% target allocation to private credit this week.
The commitments include follow-on and first-time fund commitments for the plan.
The pension plan recently committed $280 million total to credit and real estate funds.
