Denver Employees Retirement Plan increased its private equity allocation to 5% of total assets from 4%, and reduced its high-yield bond allocation to 5% from 6%. No terminations or allocation reductions are expected, as the $2.1 billion plan was underallocated to high-yield bonds. Steven Hutt, executive director, said the move was in part a recognition of where weve already been because private equity currently accounts for 4.5% of assets.
Separately, the plan is searching for at least one firm to provide general investment and real estate consulting services, said Mr. Hutt. Current general consultant Callan and real estate consultant Townsend can rebid. Mr. Hutt said it has been 15 years since the funds last consultant search. A decision is expected in mid-July.