District of Columbia Retirement Board is conducting an invitation-only search for at least one discretionary private equity manager, which may include a fund-of-funds firm, to run a total of $110 million, said Sheila Morgan-Johnson, CIO. The $2.2 billion pension fund, which has $70 million in private equity, has a target of 10% of total assets, up from 5%, based on an asset allocation study earlier this year by consultant Watson Wyatt. Plan officials hope to make selections by the end of the year.
Funding will come from cutting back fixed-income portfolios run by Hughes Capital, PIMCO and Western Asset Management, Ms. Morgan-Johnson said.
