Lycoming County Employees' Retirement System, Williamsport, Pa., hired ASB Capital Management and Heitman to run $3.8 million each in core real estate and Fort Washington Capital Partners Group and Private Advisors to run $2 million each in private equity funds of funds, confirmed Krista Rogers, county controller.
The $80 million pension fund issued an RFP in August as a result of an asset allocation earlier in the year by investment consultant Dahab Associates, which also assisted in manager selection. Target allocations are 10% real estate and 5% private equity, the first such investments for the pension fund.
Funding will come from rebalancing. No managers will be terminated.
There were no other finalists.