El Paso County Retirement Plan, Colorado Springs, Colo., approved a new 5% allocation to private equity and committed to Private Advisors as its first private equity manager, said Tom Pfeifle, executive director, in an e-mail.
The board approved committing about $16 million to Private Advisors Small Company Buyout VI, Mr. Pfeifle wrote.
Real estate could see its allocation drop to 10% from 15% as a result of the new 5% allocation to private equity.
Separately, the $319 million pension fund plans to invest about $16 million in the multistrategy hedge fund of funds Grosvenor Institutional Partners, managed by Grosvenor Capital Management, as soon as “administratively feasible,” Mr. Pfeifle wrote.
Watershed Investment Consultants assisted in manager selection.