Credit/Private Debt
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
The asset class will represent a new investment for the plan.
The plan discussed three commitments last quarter totaling $75 million.
The plan approved commitments to two existing managers.
The manager will handle a new 3% long Treasury target allocation.
The plan added two core-plus fixed-income managers to the portfolio and made 11 alternatives commitments in the first quarter.
The plan agreed to utilize a fund-of-one manager to implement its maiden private credit allocation and hired a short-duration fixed-income manager this week.
The plan’s investment committee also approved a private debt commitment last week.
The plan will add six managers to the portfolio over the next six to nine months in a restructuring that will also see staggered terminations.
The commitments include two new manager relationships.