Infrastructure
The plan will replace its non-core infrastructure target with a core allocation.
The new asset allocation introduces private credit and infrastructure asset classes.
The RFP is being issued because a number of infrastructure managers are coming to market this year.
The treasurer’s office has selected an investment advisor to handle its infrastructure fund in a non-discretionary fund-of-funds structure following a search.
The fund approved a real estate commitment in a separate account agreement with an existing manager within its portfolio in the fourth quarter and disclosed infrastructure and energy investments from the first half of 2022.
The firm has added a green energy infrastructure investment team to its Asia business and the transaction is expected to be completed next month.
The plan made natural resources and real estate commitments last month and will consider a 2023 private markets pacing plan this week.
The watch status is due to a co-portfolio manager’s abrupt departure from the firm.
The plan expects to approve a recommendation in the third quarter.
The fund approved maiden infrastructure fund commitments in the fourth quarter as the strategies provide good yields with stable growth, strong protections against inflation and a low correlation with other asset classes.