District of Columbia Retirement Board, Washington, hired Abbott Capital as the $2.5 billion system's first discretionary private equity manager. The pension fund has a 10% target allocation to private equity. The size of Abbott's portfolio has not been determined; funding will come from rebalancing, said Sheila Morgan-Johnson, CIO.
Separately, the system is conducting an invitation-only search for its first active domestic midcap growth equities manager to run about $55 million. The funding source has not been determined. Board officials hope to pick a manager at their Feb. 19 board meeting. Watson Wyatt, the system's investment consultant, is assisting.