Credit/Private Debt
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.
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.