Ann Arbor (Mich.) Employees’ Retirement System committed $12 million to private equity funds-of-funds manager Constitution Capital Partners, with the possibility of increasing the investment over time to as much as $21 million, recent board meeting minutes showed.
The city’s $485 million defined benefit plan has a 3% private equity target. Prior to the allocation to Constitution Capital’s Ironsides III fund, which invests in North American small- to midcap buyout private equity funds, the retirement system had committed $1.9 million, or about 0.4% of total assets, to private equity, according to the minutes from the May 21 meeting.
Nancy R. Walker, executive director of the pension plan, could not be reached for comment.
