Credit/Private Debt
The retirement system established a new 5% target to the asset class last year.
The new asset allocation includes a 5% private credit target.
The commitments fulfill the plan’s private markets pacing schedule this year.
The plan committed up to $150 million across three funds in May and June.
The plan committed to two private debt funds at a board meeting last month.
The $50 million investment concludes a search for an additional long/short strategy initiated late last year.
The retirement system launched the searches last quarter due to contract expirations.
The middle market private investment firm has raised more than $3 billion total for its latest private equity and credit funds.
The plan created a 3% target to multi-asset credit earlier this year.
The retirement system finalized a pair of new manager relationships last week.