Credit/Private Debt
The plan is looking to commit $100 million to a newly established credit hedge fund.
The plan will conduct searches in several fixed-income and credit sectors following a portfolio restructure stemming from an overall asset/liability study.
The private debt commitment was made for pacing purposes.
The plan made a $50 million commitment after interviewing finalists at today’s meeting.
The plan disclosed recent commitments from both the public and private markets.
The plan approved a $50 million commitment at a meeting today.
The fund added a private credit manager as part of the buildout of the asset class over the last 18 months as well as a private equity secondaries fund focused on distressed assets.
The plan expects to commit to buyouts and special situations funds for the next three years.
The plan selected a pair of firms to fill a maiden allocation to the asset class.
The proposed portfolio structure would result in searches for core, credit, U.S. Treasury, emerging market debt, securitized products and bank loans.