Public Employees' Retirement System of Mississippi, Jackson, will review private equity strategies over the course of the year for possible first-time investments, said Frank Ready, executive director. The state Legislature recently approved a bill allowing the $17.5 billion fund to invest in private equity. A target allocation has not been set; "the statute allows us to invest up to 10% to private equity, but I doubt it will be that high," Mr. Ready said. "Right now it's way too premature to say what it will be." Callan Associates is assisting.
Separately, the system is seeking a tactical asset allocation manager and a global all-cap equity manager to handle $75 million each, said Mr. Ready. The firms chosen will be the first for the plan's alpha fund, established to allocate up to 5% of the system's $9.24 billion equity portfolio to new, alpha-producing strategies. Plan officials will likely make selections in June.