Credit/Private Debt
The pension and retirement system is nearing completion of its credit manager search for a $100 million mandate.
The pension plans had been expected to move a portion of a previously terminated U.S. all-cap value equity mandate to the new small-cap value manager.
The retirement system also made two credit opportunities commitments last month.
The global alternatives investment firm will acquire the U.S. private credit manager, which as $3 billion in assets under management.
The plan will move at least a portion of its roughly $57.4 million domestic small-cap core equity mandate to a passive option while it considers the role of the asset class as part of a broader public equity review.
The retirement system added direct lending and core real estate commitments at today’s board meeting.
The community foundation added three private credit strategies, including to with new managers, to its investment portfolio during the first quarter.
The retirement system added a direct lending commitment and three private equity commitments on July 3.
The plan also received a work plan from its newly hired general investment consultant.
The fund is looking to fill four mandates for a total of $1 billion.