Dallas Employees' Retirement Fund hired Fairview Capital and Grosvenor Capital Management to run $40 million and $20 million, respectively, in private equity funds of funds for its emerging managers program, said Cheryl Alston, executive director of the $3.4 billion pension fund.
Ms. Alston said the goal for both managers was to deploy capital to “next generation” private equity funds.
The Grosvenor allocation is for the manager’s co-investment program, she added.
An invitation-only search was conducted earlier this year in order to bring the pension fund up to its 10% allocation to the emerging managers or “next generation” program.
The other finalists were Muller & Monroe Asset Management and Invesco Private Capital.
Investment consultant Wilshire Associates assisted.