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A gradual increase to the direct lending space through the first quarter reflects private credit’s growing popularity within the industry, which expects continued growth as more institutions look to the asset class to diversify their portfolios.
The district is establishing a new defined benefit plan later this year.
The plan considered five total direct lending strategies before making a commitment in February.
The firm’s most recent infrastructure fund reached its hard cap of $2.6 billion.
The retirement system is seeking to expand its private debt and private equity teams.
The fund surpassed its $1.5 billion target.
The new global president and ceo first joined the firm in January 2024 as president and ceo of Fiera Canada and Global Private Wealth.
The managing director joined the firm this month following five years on the high-net-worth side.
The district is tentatively scheduled to make a recommendation to its board of trustees in August.
The retirement system will interview two sets of finalists next month.