City of Milwaukee Employes’ Retirement System’s investment committee recommended the board commit $65 million to two core diversified private equity fund of funds, said David M. Silber, chief investment officer.
The recommendation calls for the $5 billion pension fund to commit $40 million to Mesirow Financial Private Equity Partnership Fund VII, managed by Mesirow Financial Private Equity Advisors, and $25 million to Abbott Capital AP 2015, managed by Abbott Capital Management.
CMERS staff and Callan Associates, the pension fund’s investment consultant, recommended the commitments to the investment committee, which agreed to advance the proposal to the board, Mr. Silber said.
The moves are part of the pension fund’s effort to reach its 5% private equity target allocation, Mr. Silber said. It has 2 percentage points of that allocation invested.
As of Sept. 30, CMERS had $200 million in commitments and $45 million in investments in other Abbott funds and $135 million in commitments and $58 million in investments in other Mesirow funds.
The pension fund’s board meeting is scheduled for Feb. 23.