Seattle City Employees' Retirement System hired Adams Street Partners to run up to $200 million in a private equity fund-of-funds portfolio, said recently released board meeting minutes.
The $2.3 billion pension fund issued an RFP in March for a private equity manager to run a customized separate account “fund of one” intended to bring the pension fund to its private equity target of 7% by the middle of 2018. The current actual allocation to private equity is 2%.
Other finalists were Hamilton Lane and Morgan Stanley Alternative Investment Partners.
Pension Consulting Alliance assisted.
Phone calls to Ken Nakatsu, interim executive director, and Anthony Smith, investment strategic adviser, were not returned by press time.