Credit/Private Debt
Plan will interview three global credit managers in a search for a firm to handle a proposed $680 million mandate.
The plan is looking to invest in private debt for the first time.
The plan is looking to invest $8 million in the asset class for the first time.
Plan will seek infrastructure managers to complement its existing portfolio.
The plan is looking for flexible and tactical strategies.
The plan disclosed several new private commitments in addition to two absolute return manager redemptions at its meeting Friday.
The search follows approval of a new asset allocation that includes a maiden 5% target to private debt.
Plan added commitments totaling roughly $2.7 billion with six existing managers and two new managers in March.
Plan is targeting direct lending strategies and will award up to $600 million per mandate.
Plan approved the search and canceled its investment in a new opportunistic credit manager yesterday.