Credit/Private Debt
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.
The plan made private equity and private credit commitments for pacing purposes.
The university disclosed follow-on private equity, venture capital and private credit commitments with existing managers within its long-term portfolio in the second and third quarters.
The commitment, initially approved by the investment committee late last month, represents a new relationship for the plan.
The pension plan made a private credit commitment to an existing manager relationship last week.
The retirement system approved a $35 million commitment to a middle market senior loan fund at its board meeting yesterday.
The fund approved the addition of an upper middle market direct lending manager as its general investment consultant viewed the strategy as complementary to existing managers in the portfolio.