Credit/Private Debt
The plan’s new private markets allocation will consist of one-third private equity, one-third private debt and one-third real estate/real assets.
The plan will issue an RFP seeking managers to enhance returns within its fixed-income portfolio.
The plan liquidated its emerging markets equity fund-of-funds mandate and made $1.3 billion in total commitments in June.
The commitments include a first-time investment for the plan.
The asset class represents a new one for the plan, which is targeting managers to handle between $3 million and $5 million.
The retirement system is looking to make a first-time investment in the asset class.
The plan approved the commitment as part of its pacing plan last month.
The European private debt manager, which focuses on the middle market space, will use the investment to accelerate growth initiatives.
The plan concluded its investment consultant and private investment consultant searches that began last year, retaining its general consultant and hiring a new private investment consultant.
The plan is seeking global and international small-cap and small- to mid-cap equity managers after approving the RFP last week.