Infrastructure
The retirement association selected a firm to split its 6% allocation to liquid credit at today’s board meeting.
The fund is removing a bond overlay as market monitor signals have moved to short from neutral and is also increasing two infrastructure commitments within its portfolio.
The firm terminated a roughly $100 million mandate and will use the proceeds to support benefit payments and fund capital calls.
The commitments include two new manager relationships for the plan.
The pension system added up to $175 million in new commitments in April.
The retirement system made seven private markets commitments totaling $35.6 million last month.
The search is open to core and non-core real estate and infrastructure managers.
The plan tapped an active manager after voting to move to an all-active approach for the fixed-income portfolio to achieve better long-term return prospects.
The plan will also search for private debt and infrastructure managers later this year.
The commitments target energy and digital infrastructure.
