Credit/Private Debt
The plan will commit up to $3.4 billion to the two asset classes.
The plan will issue RFPs following adoption of a new asset allocation in June.
Plan added $145.4 million in alternatives commitments through the first half of the year.
The plan added a follow-on direct lending commitment in June.
The fund will source and invest in credit-sensitive financial assets across the performance spectrum.
The transaction is expected to close in the fourth quarter.
One of the new hires leads the private credit secondaries business and the other is responsible for secondaries within the private equity group.
Plan is seeking a firm to provide non-discretionary private credit investment management services for its new 2% target to the asset class.
The transaction was first announced in March.
The plan hired a new global equity manager to handle a $500 million mandate and added 13 other commitments last month.