The board, which oversees $10.8 billion in assets, expects to hire three or four managers, committing about $20 million to each.
ISBI doesn’t plan to issue RFPs, Mr. Atwood said. Private equity managers interested in being included in the search should contact Franklin Park Associates, the board’s private equity consultant, which will recommend managers to the board.
The searches are part of the board’s plans to make $100 million in private equity commitments over the next year to maintain its 5% target allocation, accounting for capital returns and the funding of existing commitments, Mr. Atwood said.
As part of the new commitment goal, the board committed $20 million to Wicks Capital Partners IV, which invests in lower-middle-market companies in information, education and media. Franklin Park assisted.