Arizona State Retirement System, Phoenix, could search for private equity managers this summer, according to Paul Matson, executive director of the $25.5 billion fund. The new asset class has a 5% target, but the fund is reviewing its asset allocation and the target could change.
Richard Henkel was named private equity portfolio manager, Mr. Matson confirmed. It is a new position, created to help expand the fund's private equity portfolio. Mr. Henkel will work with Mr. Matson, CIO Gary Dokes and a private equity consultant. The consultant will be chosen in February; an RFP was issued in late October. Mr. Henkel, who started Jan. 2, retired from Northrop Grumman, where he was technology adviser.