Plan will seek one core firm and one core-plus bond manager to split a proposed long-term target of 24% to the overall asset class.
Plan added a 5% target to private debt at the expense of emerging market debt.
The plan has restructured its core fixed-income portfolio as a result of the search.
The plan recently committed to a new fixed-income manager and terminated its investment in a convertible bonds strategy.
Plan added two new fixed-income managers in a revamped global bond portfolio at this week’s meeting.
The search is due to the expiring contracts of two incumbents managing a total of $440 million.
The new semi-liquid multi-sector manager will handle a roughly $250 million mandate for the plan.
Investment policy adjustments to include sustainability considerations and a higher corporate bond cap.
The search is open to core, core-plus and high-yield bond managers.
He will oversee strategy, process and approach for the firm’s fixed-income strategies.