New Bedford (Mass.) Contributory Retirement System hired Hamilton Lane Advisors and Neuberger Berman to each manage $10 million in a diversified private equity fund of funds.
Segal Rogerscasey, investment consultant to the $290 million pension fund, assisted with the search.
This $20 million allocation is a new one for the pension fund, said Segal Rogerscasey spokesman Todd Kohlhepp.
An RFP was issued in October. Mr. Kohlhepp didn’t disclose the other finalists by press time.