Macomb County Employees Retirement System, Mount Clemens, Mich., plans to amend its asset allocation so it can invest in private equity, said Tom Engel, chairman of the retirement commission for the $750 million system. "We would probably cut back on our domestic equities, because they have done so well, said Mr. Engel. He expects 5% of total assets to be allocated to private equity, half of which will be invested. Merrill Lynch already has made a presentation to the system, and Mesirow is scheduled to give one at the systems November meeting. Consultant Morgan Stanley Dean Witter will bring in one to three more private equity managers before any are selected, Mr. Engel said.