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The search was approved at the retirement association’s board meeting on Wednesday.
The plan last conducted a general investment consultant search in 2018.
The retirement system hired two active domestic fixed-income managers and approved a structure for its new private debt portfolio today.
The Chicago-based firm has hired a head of global distribution and head of consultant relations this year.
The search will be for two managers to handle up to $483 million.
The retirement association made hires in its infrastructure and portfolio overlay searches over the last few months.
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 head of the second-largest US university endowment is pouring cold water on one of Wall Street’s hottest markets: private credit. Rich Hall, who took over as chief executive officer of the University of Texas/Texas A&M Investment Management Company in July, said leverage in private credit makes it too risky to boost allocations, even as other endowments and pension funds have been funneling money into what’s now a $1.6 trillion global market.