The plan is in the process of filling its 5% private credit target and conducting a real estate portfolio structure review.
The increased commitment will provide the plan with “an equal-weighted exposure” between its U.S. and European private credit managers and the termination will reduce volatility.
The search is due to the upcoming contract expiration of incumbent Hyas Group.
The plan committed $20 million to a new opportunistic credit manager.
The plan disclosed a total of four commitments to two existing private equity managers.
The plan disclosed 14 recent commitments and an equity manager termination.
The RFQ will be reissued “with a revised scope.”
The selected firm will provide services to the plan through Oct. 31, 2027.
The plan is seeking a replacement for Allspring Global Investments, which was terminated at the plan’s March 24 retirement commission meeting.
The cio previously served as a member of the plan’s investment committee and board of administration.