Credit/Private Debt
The plan replaced its passive TIPS mandate with BlackRock and committed to a new credit manager last month.
The plan recently committed approximately $2.2 billion total to nine funds.
The plan will revisit a proposed asset allocation that would incorporate a maiden private credit target at next month’s board meeting.
The fund added two new private credit managers to its portfolio last week following a recommendation from its general investment consultant due to an expected recessionary environment and opportunities expected to arise from the recent regional bank crisis.
The plan hired a new global multi-asset credit manager and terminated its global multi-sector fixed-income manager in the fourth quarter.
The plan’s incumbent consultants had their contracts renewed until early 2024.
Plan is seeking proposals from direct lending, opportunistic and distressed/special situations private credit funds that are currently fundraising.
The contract of the plan’s incumbent high-yield fixed-income manager will expire this year.
The foundation is looking to build out its private investments over the coming years after revising its target asset allocation and significantly increasing allocations to several alternative asset classes in fiscal year 2022.
The plan will seek to commit up $300 million across multiple private credit strategies as part of an RFP scheduled to be issued on Monday.
