City of Milwaukee Employes' Retirement System authorized a search for a private equity small buyout fund-of-funds manager to run $30 million, said Bernard J. “Jerry” Allen, executive director.
Callan Associates, the system's investment consultant, plans to recommend a shortlist of managers for the $5 billion CMERS to consider, Mr. Allen said. Managers interested in being considered for inclusion in the search may contact Callan and complete a questionnaire for inclusion in its database of managers, Mr. Allen said.
Information is available on Callan's website.
“We have an open door,” Mr. Allen said. “We don't exclude” any eligible firms for consideration in a search.
The pension fund is seeking to broaden its exposure to small buyouts, its first specific allocation to the area, which are now only a minor part of the $70 million total in private equity split among funds of funds managed by Abbott Capital Management and Mesirow Financial PrivaMesirow Financialent and Mesirow Financial Private Equity Advisors.
CMERS will consider managers offering commingled funds of funds or a customized fund of funds, Mr. Allen said.
CMERS expects Callan to present a shortlist of managers by the end of the third quarter, Mr. Allen said. A hiring decision is expected before the end of the year.