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.
The plan will have further discussions on adding a 3% initial target to private equity at its November board meeting.
The plan will receive a list of active duration fixed-income managers next month.
The foundation is looking to build out its private investment allocations to reach its asset allocation targets in the near future.
The fund will invest in subordinated debt investments as well as senior secured debt.
The plan recently made commitments with nine existing managers and one new manager.
The strategy will invest across the capital structure in both debt and equity in sports, media and entertainment companies.
The portfolio manager will help manage the firm’s CLO and structured credit solutions.
The partner will lead the firm’s special opportunities activities in Europe as a member of its private equity group.