. >> request for industrial disability pensions adjustment from 50% to 55% timothy j donavon. >> the motion is made to make the changes and seconded. any board questions? public comment? call the question. those in favor of making the adjustment say aye. opposed. >> okay. back to the report on private credit. >> number 10. discussion item. private credit portfolio update. >> about a year and-a-half ago the board approved private credit as asset class. performance has been very strong. we have significantly under weighted direct lending where we have concerns and emphasized under writing in unique and special strategies and those paid off. we will ask curt to further introduce the item and then we can make comments. >> quickly. first private credit is a new asset class. it is relatively new for the entire investment industry. not particularly well defined. i will do a little bit of thoughts how we categorize it. it is quite appealing. we think it is a great opportunity set. it has the potential for strong risk adjusted returning uncorrelated with everything else we do in the plan. it