The new strategic asset allocation increases its private equity and private credit targets.
The plan will issue RFPs within the next two months due to standard state procurement laws.
The commitments are part of a search for value-add, debt and opportunistic strategies.
The rehired its general investment consultant this month and made a $30 million distressed debt commitment to an existing manager in August.
The policy will allow staff to take advantage of time-sensitive investment opportunities.
The plan made commitments with two existing managers’ latest funds.
The plan is looking to invest up to $70 million total to passive equity managers.
Draft RFPs will be reviewed next month for scheduled publication in January.
The plan is conducting the search due to the upcoming contract expiration of its current consultant.
The plan made a commitment after interviewing two private credit managers last week.