Iowa Municipal Fire and Police Retirement System, West Des Moines, is seeking private equity managers for commitments totaling $60 million by the end of the year, said Terry Slattery, executive director.
The $2 billion system expects to commit to at least two private equity funds, the type of which will depend on the proposals.
Summit Strategies Group, the system's investment consultant, is assisting in the searches.
Managers that wish to be considered should contact Mark A. Caplinger, senior vice president of Summit, Mr. Slattery said.
“We are going to do all we can to make the … $60 million commitment” this year to reach the system's 20% target allocation to private equity, Mr. Slattery said.
As part of that objective, the board committed $40 million to Siguler Guff Small Buyout Fund 2, managed by Siguler Guff & Co.
In addition, the system hired Pictet Asset Management to mange $60 million in emerging markets debt, Mr. Slattery said. The move is the system's first allocation to the asset class. The hiring is pending contact negotiations, which could be completed by Sept. 1. Funding, which could come from a prorated reduction in equity managers, would be determined by then, Mr. Slattery said. No managers would be terminated.
The system's board made the move in part for diversification.
Summit assisted in both the searches, which were the result of proposals from a select group of managers screened by Summit from its database, Mr. Slattery said. No RFPs were issued.
