Phoenix City Employees’ Retirement System hired Neuberger Berman to manage $150 million in a customized private equity fund-of-funds portfolio, said Greg Fitchet, investment manager.
The $2.2 billion pension fund conducted an invitation-only search earlier this year for a firm to run a customized private equity “fund-of-one” portfolio, Mr. Fitchet said.
The pension fund created a 3% target to private equity in June 2013.
Other finalists were Hamilton Lane and J.P. Morgan Asset Management. Funding will come from long-only equity managers; no managers will be terminated.
Investment consultant RVK Inc. assisted.
