Credit/Private Debt
The transaction is expected to close in the fourth quarter.
One of the new hires leads the private credit secondaries business and the other is responsible for secondaries within the private equity group.
Plan is seeking a firm to provide non-discretionary private credit investment management services for its new 2% target to the asset class.
The transaction was first announced in March.
The plan hired a new global equity manager to handle a $500 million mandate and added 13 other commitments last month.
The plan committed to a Vista Equity Partners fund at today’s board meeting.
The plan will release its RFP for a non-discretionary private credit advisory services next week.
The fund focuses on distressed credit and special situations opportunities in developed global markets.
The hire concludes a search launched in April to fill a maiden allocation.
Plan will search for private equity managers to fill a new 5% target to the asset class at today’s board meeting.
