Milwaukee City earmarks $15 million for buyout fund of funds

Milwaukee City Employes’ Retirement System committed $15 million to Private Advisors Small Company Private Equity Fund VII, a lower middle-market buyout fund of funds, said David Silber, chief investment officer, in an e-mail.

The $4.8 billion pension fund previously committed $30 million to Private Advisors Small Company Private Equity Fund VI in June 2015.

The pension fund’s private equity target is 4%. As of Sept. 30, the actual allocation was 4.6%.

Investment consultant Callan Associates assisted.