Murrysville (Pa.) Combined Pension Plan is seeking a private equity fund-of-funds manager to run approximately $2 million.
This is the pension fund’s first investment in a private equity fund of funds. Funding will come from a rebalancing of the existing managers as capital is called, said Robert Bulas, investment consultant at Morrison Fiduciary Advisors, the $20 million pension plan’s investment consultant.
Eligible managers must have raised at least three private equity funds of funds in the past 10 years with a completed fund history of at least $2 billion in assets raised. Firms must also have an all-purpose, multistrategy private equity fund-of-funds and proven internal rates of return by vintage year on matured funds consistently in the first or second quartile ranking and exceeding the Russell 3000 index by 200 basis points net of all fees and expenses over comparable time periods.
The RFP is available on Morrison Fiduciary Advisors’ website.
Proposals are due by 2 p.m. EST Dec. 23. A selection is expected to be made Feb. 27.