Millcreek Township Combined Pension Plan, Erie, Pa., hired Neuberger Berman to run a $4 million private equity fund-of-funds portfolio, said Jerry Wolf, township treasurer.
It's the first investment in private equity fund of funds for the pension fund. The $56 million pension fund issued an RFP in May. There were no other finalists, Mr. Wolf said. He did not have information on a funding source.
Investment consultant Morrison Fiduciary Advisors assisted.
