High-Yield
The plan tapped public market credit consultant Mercer earlier this year to conduct the searches.
The pension plan also made credit and infrastructure commitments totaling $130 million last month.
The plan reviewed proposed allocation mixes that add a dedicated high-yield bond target while significantly increasing intermediate grade core-plus fixed-income, both of which would result in searches for new managers.
The deferred compensation plan is looking to create a bench of qualified investment managers.
The foundation added international equity, domestic equity, high-yield bond and infrastructure investments to its portfolio during the second quarter.
The fund is looking to fill four mandates for a total of $1 billion.
The pension fund approved the searches at last week’s board meeting.
Searches for high-yield fixed-income managers and a general investment consultant were approved at today’s board meeting.
The fund will also review a high-yield fixed-income manager search request from staff at its June 13 board meeting.
The plan interviewed a total of five finalists at yesterday’s board meeting.