Iowa Public Employees' Retirement System, Des Moines, authorized private equity consultant Pathway Capital Management to search for private equity funds, committing a total of up to $400 million in 2010.
Pathway Capital has full discretion under contract with the $19.9 billion pension fund to search for and select private equity funds and partnerships, subject to the maximum commitment, according to Karl Koch, IPERS chief investment officer.
Pathway does not issue RFPs in its search process. Prospective managers can contact Pathway.
The board approved the amount for next year, noting the amount would allow IPERS to stay close to its 10% private equity allocation. The maximum commitment amount “does not represent an amount that Pathway must commit in 2010” but rather the total it can commit for the year depending on opportunities Pathway finds, according to an IPERS statement.
Pathway is not allowed to roll over to the following year any unused commitments from 2010, the statement said.
