High-Yield
The plan will begin with a mid-cap growth equity manager search in January.
The plan will first issue the fixed-income and private equity RFPs in the next two months.
He will retire from the firm in the first quarter of 2023.
The university added a real estate commitment with an existing manager and fully liquidated a high-yield fixed-income strategy after a decade in the endowment.
The increased commitment will provide the plan with “an equal-weighted exposure” between its U.S. and European private credit managers and the termination will reduce volatility.
The incumbent manager was first hired in 2006.
The plan will commit up to $3.4 billion to the two asset classes.
Three firms will vie for the plan’s new high-yield fixed-income mandate.
Addition of emerging market fixed-income and high-yield bond strategies last month offers participants opportunities for additional yield.
The plan’s incumbent was first hired in 2016.
