The plan approved a credit commitment with an existing manager and an internally managed absolute return allocation last week.
The plan expects to issue the RFP in 2023 after delaying it for one year.
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.