City of Marlborough (Mass.) Contributory Retirement System is searching for a private equity fund-of-funds manager for a $5 million commitment, said Eric W. Stewart, a consultant with plan consultant Meketa Investment Group. The commitment would be the $75 million plan's first in private equity. Plan officials are seeking a fund of funds that is diversified by strategy, such as buyouts, venture capital or mezzanine debt, according to the RFP. Meketa recommended the move for greater diversification. Funding will come from a general rebalancing, and no existing managers will be terminated, according to Mr. Stewart.
The RFP is available on Meketa's website at www.meketagroup.com/mgrCenter.php, and proposals are due at 5 p.m. EDT Sept. 30. Mr. Stewart said final presentations and a selection will likely take place during the fourth quarter.
Kim Bower, assistant to the retirement board director, referred all questions to Meketa.