Lycoming County (Pa.) Employees Retirement System is searching for managers to run $7.5 million in open-end, core real estate and $4 million in a private equity fund of funds or in secondary funds, confirmed Krista Rogers, county controller.
The searches are a result of an asset allocation study earlier this year by the pension fund's investment consultant, Dahab Associates. Target allocations are 10% real estate and 5% private equity, the first such investments for the $79 million pension fund.
Ms. Rogers said funding will come from rebalancing, and no managers will be terminated.
Proposals for the real estate search are due at 5 p.m. EDT on Sept. 17. Proposals for the private equity fund-of-funds search are due at 5 p.m. EDT on Sept. 18. Timetables for decisions on both searches have yet to be determined.
Steven Roth, director of manager research at Dahab, did not return phone calls by press time.
