City of Marlborough (Mass.) Contributory Retirement System will make its first private equity investment by committing $5 million to a fund of funds. Officials at the $75 million plan are seeking a fund that is diversified by strategy, such as buyouts, venture capital or mezzanine debt, according to an RFP issued by the plan. Consultant Meketa Investment Group recommended the move for greater diversification, said Eric W. Stewart, a consultant with Meketa. Funding will come from a general rebalancing, and no existing managers will be terminated, according to Mr. Stewart.
Kim Bower, assistant to the retirement board director, referred all questions to Meketa.