Credit/Private Debt
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.
The plan is looking to make its second investment in the asset class.
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.