Credit/Private Debt
The plan recently committed $348.5 million total to two existing managers and terminated a high-yield fixed-income manager.
The customized mandate will allow the plan to invest across the firm’s platform.
The plan’s general investment consultant “was unsuccessful in reaching legal terms” for a previously approved follow-on private credit commitment.
The foundation approved a maiden private credit target and increased its allocation to hedge funds following an asset allocation study.
The plan’s investment committee selected a winner in its private credit consultant search this week.
The plan terminated a $475 million emerging markets value equity mandate in May and approved private markets commitments totaling $170 million in June.
The firm hired a managing director and deputy portfolio manager to help build and lead the firm’s investment capabilities in structured credit.
The plan added commitments to a credit fund and a private equity fund this summer.
The commitments to private equity and private debt total $146 million.
The state treasurer’s office will consider adding two private debt strategies to its trust portfolio after approving new targets to private credit last year.