Credit/Private Debt
The increased commitment will provide the plan with “an equal-weighted exposure” between its U.S. and European private credit managers and the termination will reduce volatility.
The new consultant will provide private credit and credit consulting services.
The commitment is part of the plan’s annual pacing schedule.
The plan committed $20 million to a new opportunistic credit manager.
The plan committed up to $100 million across three strategies to fill a new target approved last year.
The plan disclosed 14 recent commitments and an equity manager termination.
The plan is likely to introduce a 5% allocation to the new strategy.
The plan received an education into private credit at its board meeting yesterday and will have further discussions in the fall.
The plan will look to add an open-end fund this year before building out the portfolio with closed-end funds.
The plan made commitments to three existing managers and investments with three developed markets equity managers.