Private Equity
The plan terminated an underperforming manager and added three private markets commitments.
Plan has to reissued an RFP for private markets consulting and back-office services in anticipation of a September contract expiration with its incumbent.
Plan’s private equity and real estate committees considered adding three commitments totaling $170 million last week.
Plan hired a new fixed-income manager to handle an initial $350 million mandate and disclosed six other commitments last month.
The plan will interview three co-investment finalists next month for an up to $10 million mandate.
New strategic asset allocation approved last week increases targets to private equity and non-core fixed-income, including high-yield bonds and bank loans.
Terminated firm had been placed on watch for performance reasons last month.
Plan staff is seeking board approval of direct lending and core-plus real estate commitments this week.
Commitments to private credit and private equity made at today’s board meeting total $60 million.
The institution will review the asset allocation for its endowment this week and consider increasing its private equity target.
