Manchester (N.H.) Employees' Contributory Retirement System hired J.P. Morgan Asset Management to run a $5 million private equity fund-of-funds portfolio and Crescent Capital Group to manage a $3 million direct lending fund-of-funds portfolio, confirmed Gerard Fleury, executive director.
The $180 million pension fund conducted an invitation-only search earlier in the summer. HarbourVest Partners was the other private equity fund-of-funds finalist. There were no other direct lending finalists.
Funding will come from cash and the liquidation of a $5 million portable alpha portfolio previously managed by Benchmark Partners. The pension fund voted in March to end its portable alpha program.
Investment consultant NEPC assisted.