Texas Employees to move on private equity

Employees Retirement System of Texas, Austin, is searching for a private equity adviser to assist the $24 billion system in constructing a new private equity allocation, which was approved last year, confirmed consultant Gary Robertson at Callan Associates. The fund will likely invest $700 million a year in a diversified, broad-market private equity portfolio. Cynthia Wilson, coordinator at the retirement system, could not be immediately reached for further details.