Credit/Private Debt
The retirement system committed to three existing manager relationships and one new manager relationship in the first quarter.
The plan hired a multi-sector credit manager after increasing its target to the asset class last year.
The plan also terminated an emerging markets equity manager for performance reasons.
The retirement system disclosed infrastructure and credit commitments totaling $300 million at today’s board meeting.
The search will focus on diversified private debt strategies.
Private credit has recently sparked increased demand among the institutional investment industry and although barriers remain for females wanting to make progress in the growing asset class, Women’s History Month provides a platform to commemorate and celebrate the wins and connections women have made.
The fund’s general investment consultant is recommending a private credit commitment to an evergreen strategy targeting an initial fundraise of $1 billion to $2 billion.
The firm has closed its fifth and largest dedicated aviation fund.
The plan will interview three international equity managers, including its incumbent, this summer.
The pacing plans call for a total of $105 million to private markets this year.