Westfield (Mass.) Contributory Retirement System is searching for a private equity fund-of-funds manager to run about $6 million in a co-investment with the $120 million system, confirmed Raymond Depelteau, chief investment officer.
It is a new investment in private equity, he said in an e-mail response to questions. Funding will come from reducing the system’s allocation to equities, he said.
“We view this as another diversification step (even though private equity is highly correlated with equities), and we think that private equity represents an attractive opportunity as we emerge from this very severe recession,” he wrote in the e-mail. “Private equity has historically performed well coming out of recessions.”
The RFP is available by contacting Mr. Depelteau at [email protected]
Responses are due by 4 p.m. EDT Oct. 15. He said the board expects to make a selection at its Dec. 16 meeting.