What began as an after-work social group for Black professionals in the hedge fund space to network, find mentors and identify career opportunities has since evolved into a network that aims to help shape a shifting asset management landscape that has placed greater importance on diversity, equity and inclusion.

The plan will discuss adding a 3% private debt target at its board meeting on Friday.

The plan made a $20 million commitment at its special meeting yesterday and anticipates making annual commitments to additional funds moving forward.

The plan will pick up discussions on private credit next month after making maiden private equity commitments in March.

The plan made commitments across private equity, private credit and real estate as part of its annual pacing plan.

The plan had moved to a fully passive large-cap allocation in 2020 but general investment consultant Meketa Investment Group sees an opportunity for concentrated active managers.