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.
Plan is seeking private lending managers to handle $60 million.
Plan’s investment committee named a winner after interviewing two finalists.