Plan is targeting direct lending strategies and will award up to $600 million per mandate.
The previous executive director has retired after serving more than 18 years
The search is being conducted to comply with standard state procurement laws.
The new hire will be responsible for the plan’s fixed-income and credit asset class.
The hired firm will provide liquidity to meet the plan’s near-term benefit payments.
Plan also adopted a new asset allocation that includes a maiden target to private debt.
The plan has issued an RFP for record keeping and administration services.
Plan added a 5% target to private debt at the expense of emerging market debt.
The plan has restructured its core fixed-income portfolio as a result of the search.
The firm will cease investment operations on June 30.