Arapahoe County Retirement Plan, Centennial, Colo., is considering a $3 million commitment to a venture capital fund of funds, recently released board minutes show.
The three managers under consideration are FLAG Capital Management, Horsley Bridge Partners and Northgate Capital Group.
Lew Quigley, retirement plan administrator, could not be reached for additional information by press time.
Separately, the $266.7 million pension fund is redeeming its roughly $12.3 million investment in the PIMCO Unconstrained Bond Fund because of personnel changes at the firm and a previous recommendation by the pension fund's investment consultant, Watershed Investment Consultants, to reduce its fixed-income allocation to 15% from 25%.
Funds from the termination of Pacific Investment Management Co. will be transferred temporarily to a Vanguard Group REIT index fund and eventually go toward a $13.5 million investment in a UBS real estate fund.