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Institutional investors increasingly sought comfort and partnerships with investment consultants that provide expertise on alternative and private markets asset classes as 2024 came to a close.
Invesco Direct Lending Fund II closed alongside similar vehicles with a total of $1.4 billion of investable capital.
The retirement system also increased its fixed-income target at the expense of real estate.
The agency is seeking the services on behalf of its $129 million investment portfolio.
The plan has awarded approximately $1.2 billion across three managers.
The plan’s sole active large-cap growth equity manager has underperformed its benchmark.
The fund has more than $7 billion invested or committed for investment in businesses that are diversified across geographies, sectors and asset classes.
The search is due to the upcoming contract expiration of its incumbent.
The search was recommended to explore the space for a new core fixed-income manager.