Manchester (N.H.) Employees' Contributory Retirement System might make its first investments in direct lending in October, said Gerard Fleury, executive director.
Crescent Capital Group will make a presentation regarding its fund-of-funds portfolio at the $180 million pension fund's Oct. 1 investment committee meeting.
HarbourVest Partners and J.P. Morgan Asset Management will also make presentations for a private equity fund-of-funds portfolio.
Investment consultant NEPC conducted an invitation-only search earlier in the summer.
The total portfolio size will be $5 million. The committee will either recommend the entire $5 million going toward private equity or $3 million to private equity and $2 million to direct lending.
The recommendations would then go to the board of trustees for approval at its Oct. 10 meeting. Funding would come from an S&P 500 index fund managed by Vanguard Group, which currently has about $9 million.
