Vermont Pension Investment Committee, Montpelier, will conduct an invitation-only search for private equity funds-of-funds managers to run about $100 million for the $3.3 billion Vermont State Retirement Systems, confirmed Stephen Rauh, chairman of the committee, in an e-mail.
The committee at its meeting on Tuesday approved an allocation of 3% to private equity using fund-of-fund managers.
The allocation will be funded by several reductions in equity managers, according to Mr. Rauh. No managers will be terminated.
Investment consultant NEPC will select managers from a list of approved firms, wrote Mr. Rauh. Interviews are tentatively scheduled for the committee's May 22 meeting.
The Vermont State Retirement Systems comprises the State Teachers' Retirement System, State Employees' Retirement System and Municipal Employees' Retirement System, all of Montpelier.