Contra Costa County Employees' Retirement Association, Concord, Calif., hired Pathway Ventures to invest $30 million for the pension fund in 30 or 40 private equity funds during the next year or two.
Pathway will invest in a range of funds for Contra Costa, from venture capital investments to mezzanine financing. Pathway has discretion for fund selection.
Contra Costa currently has 1% of its $2.5 billion fund assets invested in private equity and a 5% of assets goal for the asset class.
In an existing relationship with the pension fund, Brinson Partners is making similar private equity investments for Contra Costa.
The pension fund's consultant, Dorn Helliesen & Cottle, assisted in the selection