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The retirement system agreed to launch an evergreen private debt manager search and terminate three managers as part of a new asset allocation policy.
The city is looking for an advisor for its roughly $150 million in operating and capital funds.
The plan anticipates committing up to $450 million to the asset class next year.
The new hire will look to develop the firm’s North America business development strategy in the institutional investor channel.
The firm raised $9.7 billion in aggregate capital commitments across the two funds.
The plan’s private markets committee will recommend the commitment at a board meeting later this month.
The search follows the plan’s termination of an incumbent manager at yesterday’s board meeting.
The fund has already deployed over 50% of its commitments.
The pacing plan calls for between $130 million and $160 million in new private equity commitments next year.
The consultant believes adding diverse-owned firms is not the only way nonprofits can achieve their DEI-related investment goals, and their consultants should assist them to evaluate several different approaches.
