Private Equity
The commitments include private credit, infrastructure, farmland and real estate.
The commitments to three firms represent new relationships.
The retirement system hired two active domestic fixed-income managers and approved a structure for its new private debt portfolio today.
The search will be for two managers to handle up to $483 million.
The plan anticipates committing up to $450 million to the asset class next year.
The plan’s private markets committee will recommend the commitment at a board meeting later this month.
The pacing plan calls for between $130 million and $160 million in new private equity commitments next year.
The university revised its long-term targets for drivers of return of its endowment, increasing its target to equities at the expense of absolute return, credit and real estate.
The college is fine-tuning its hedge fund and private equity portfolios in the near term as it makes progress on its long-term goal to divest from fossil fuel investments.
The university authorized its board chair to execute or decline a private equity commitment within its endowment in the third quarter.
