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The plan currently works with general investment consultant Gallagher Fiduciary Advisors.
The retirement system swapped out its domestic small-cap value manager in February.
The search is open to credit opportunities, distressed debt and direct lending strategies.
The retirement fund placed domestic small- to mid-cap value and international small-cap equity managers on watch last month.
The retirement plan eliminated its floating rate bonds target allocation as part of a newly adopted policy last month.
The plan hired a new international equity manager after interviews yesterday.
The plan replaced its domestic small-cap value equity manager in the fourth quarter due to underperformance.
The town is seeking the services for its approximately $160 million operating and capital funds portfolio.
The retirement system also concluded its general investment consultant search in January.