Credit/Private Debt
The retirement system is working with its general investment consultant to conduct a search for strategies.
The pension system added up to $80 million across asset class strategies in February.
BPC Opportunities Fund V raised over $750 million while the firm’s inaugural BPC Real Estate Debt Fund raised $545 million.
The retirement system diversified its domestic bond portfolio with the investment on April 1.
The retirement system will discuss implementing its new strategic asset allocation with manager searches.
The pension system also reviewed a private equity pacing plan last week and sent out an invitation only multi-asset credit RFP in April.
The retirement system interviewed two private credit managers at its March investment committee meeting.
A gradual increase to the direct lending space through the first quarter reflects private credit’s growing popularity within the industry, which expects continued growth as more institutions look to the asset class to diversify their portfolios.
The plan considered five total direct lending strategies before making a commitment in February.
The retirement system will interview two sets of finalists next month.