Credit/Private Debt
The plan hired five multi-asset credit managers today as part of its previously approved return-seeking fixed-income structure.
The plan is seeking a firm to handle a $15 million mandate and provide uncorrelated returns to both equity and fixed-income markets.
The plan eliminated a 5% target to emerging market debt and redistributed it amongst existing asset classes.
The plan disclosed various private credit and private equity commitments at today’s board meeting.
New allocation is contingent on full board approval after receiving approval from the investment committee this week.
The plan considered a new asset allocation last month that would increase its fixed-rate debt target and previously committed to an existing real estate debt manager.
The commitment marks the plan’s second with the firm.
The commitments include two new relationships for the council.
The plan is considering follow-on commitments to eight existing managers.
The plan expects to conclude the search process in the third quarter.
