The fund will target value-add opportunities within the U.S. multifamily sector.
The plan eliminated its TIPS target as part of a new asset allocation policy approved in March.
The commitment represents a new manager relationship for the retirement system.
The plan expects to issue an award notice on July 18.
The managing director will lead Barings’ institutional distribution in the Midwest.
The fund has received more than $390 million in commitments.
The fund surpassed its $1.5 billion target.
The plan replaced its outsourced cio at today’s board meeting due to underperformance.
The hire will focus on building relationships with institutions and registered investment advisors across the Midwest and Southeast.
The state fund has committed to a new private credit manager relationship.