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%.
Pension Consulting Alliance assisted.
Phone calls to Ken Nakatsu, interim executive director, and Anthony Smith, investment strategic adviser, were not returned by press time.