Milwaukee City Employes' Retirement System committed $30 million to Neuberger Berman for a private equity secondary fund of funds, said Bernard J. “Jerry” Allen, executive director of the $4.6 billion pension fund.
The commitment is pending due diligence and contract negotiations, Mr. Allen said.
The allocation moves the Milwaukee pension fund closer to its 5% private equity target, Mr. Allen said. The fund currently has 1% of assets in private equity; no active private equity searches are planned, Mr. Allen added.
Callan Associates, the pension fund's investment consultant, assisted.
