Bank Loan
The trust fund’s general investment consultant recommended the expansion to diversify its public credit portfolio into other credit instruments from exclusively bank loans.
The plan hired a new bank loan manager due to personnel turnover at the incumbent firm.
The retirement system also approved a search for a multi-asset credit manager at the end of August.
The retirement system’s upcoming search will comply with state procurement laws.
The search follows a private markets pacing schedule presented to the retirement system in January.
The plan interviewed a total of five finalists at yesterday’s board meeting.
The plan also received a private markets pacing plan in January.
The pension plan will be looking to fill a new 4% target to the sub-asset class.
The plan has awarded approximately $1.2 billion across three managers.
The retirement system will also launch a search for private credit managers next year.
