The commitment is part of the plan’s new portfolio structure, which introduced a 5%, or roughly $500 million, private debt target allocation in November.
The pension plan is seeking several managers to handle a yet-to-be-determined mandate.
The transaction is expected to close in the third quarter.
The structure review calls for the plan to make $1.5 billion in real assets commitments this year.
The plan replaced its domestic mid-cap growth equity manager due to underperformance.
The hire concludes a search that was launched in August.
The fund is now more than 40% committed.
The investment advisor will serve for an initial one-year term.
The plans added a sustainable equity manager to their lineup in October after initially receiving an ESG/socially responsible product analysis search book in April.