Credit/Private Debt
Plan approved four fund commitments totaling more than $360 million today.
The fund seeks to create customized financing solutions that can help resolve idiosyncratic liquidity and capital structure situations.
The foundation hired a private credit manager and made commitments to two existing private equity managers during the first quarter.
Plan made commitments to eight existing managers and one new manager last month.
Plan’s new global credit manager will handle an approximately $700 million mandate.
Plan’s decision to move all of its fixed-income assets in-house will reduce its annual fees.
The commitments include three first-time investments.
The plan hired one firm to handle both general investment and alternatives consulting services.
The plan will pick up discussions on private credit next month after making maiden private equity commitments in March.
The commitments include two new relationships for the plan.