Credit/Private Debt
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.
The plan terminated a $1.4 billion domestic large-cap value equity mandate and made commitments with four existing managers and one new manager in August.
Plan’s investment committee approved up to $115 million in alternatives commitments this month.
The fund is looking to build out its alternatives allocations to align its portfolio with a new strategic asset allocation approved in June.
The rehired its general investment consultant this month and made a $30 million distressed debt commitment to an existing manager in August.
The university approved private credit, real estate and private equity buyout commitments with new managers in the second quarter.
The plan made commitments with two existing managers’ latest funds.
The firm has also hired a new partner from Sixth Street Partners to lead the platform.
The plan made a commitment after interviewing two private credit managers last week.
The plan increased its total private markets target as the portfolio is currently overweight to private equity and private real assets and recently placed an MSCI EAFE Index fund manager on watch due to underperformance.