Knoxville (Tenn.) City Employees' Pension Fund committed $6 million to Adams Street U.S. Small Market Buyout Fund II, a fund of funds managed by Adams Street Partners, said Kristi Paczkowski, executive director.
The $600 million pension fund has made commitments to four previous Adams Street funds of funds. The manager was the pension fund's first private equity manager in 2008.
The private equity target is 5%. The current allocation is about 2.5%, Ms. Paczkowski said.
Separately, the pension fund is conducting a shortlist search for an active emerging markets debt manager to run about $25 million. The current manager, Pictet Asset Management, has been terminated due to personnel changes and the assets have been temporarily parked in an index fund. Finalist interviews will take place at the pension fund's July 12 meeting, with a decision expected shortly thereafter. The target allocation to emerging markets debt is 5%.
Investment consultant Summit Strategies Group assists with all manager searches and hires.