Oklahoma City Employee Retirement System hired K2 Advisors to run $20 million in a private equity fund of funds, subject to finalizing a contract, said Rena Hutton, retirement system manager. The hiring will be the $407 million system's first move into private equity. Funding will come from reducing a $163 million State Street Global Advisors S&P 500 index fund. Asset Consulting Group assisted. The system's asset allocation is 61.9% equity and 38.1% fixed income.