Private Equity
The retirement fund also disclosed approximately $1.6 billion in alternatives commitments made in July.
The plan disclosed new private equity, credit and real estate commitments at a board meeting today.
Global equity represents a new asset class for the retirement system.
Inclusion of more venture capital funds, which often have lower GP commitments, likely led to the drop.
The search will be opened to high-yield corporate debt, leveraged loans, securitized credit and convertible bond strategies.
The plan’s incumbent has been serving in the role since 2017.
The plan also terminated eight managers as part of a public equity implementation.
The retirement plan is screening for managers in the securitized credit, short-term investment grade and bank loan asset classes.
The plan also disclosed two new commitments.
The seed-stage venture manager recently closed its third core fund with commitments from a limited partner base that includes nonprofits, outsourced cios and investment managers.