Bank Loan
The six firms will handle aggregate assets of $1 billion.
The plan is also expected to hire high-yield and investment grade bond managers later this year.
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.
