News
Extensive and timely coverage of the institutional industry.
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.
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.