City of Quincy (Mass.) Contributory Retirement System is searching for a diversified private equity fund of funds for a $5 million to $10 million commitment, said Eric W. Stewart, consultant with plan consultant Meketa Investment Group. Officials of the $270 million pension plan want to increase its overall private equity allocation to 5% of assets from 1% for greater diversification. The plan already has commitments with two private equity managers, which Mr. Stewart would not identify. Funding would come from a general rebalancing, according to Mr. Stewart, and no managers would be terminated. A posting on the Massachusetts Public Pension Forum's website, www.mppf.org, said the retirement board intends to commit the funds within the next six months.
The RFP is available on Meketa's website, www.meketagroup.com/mgrCenter.php. Proposals are due at 5 p.m. EDT Oct. 7, and Mr. Stewart said the board will likely make a selection after final presentations sometime during the fourth quarter.
Marguerite Lightbourne, deputy director of the Quincy retirement board, referred questions to Meketa.