Iowa Municipal Fire & Police Retirement System, West Des Moines, committed $30 million each to Adams Street U.S. Small Market Buyout Fund and Siguler Guff Hawkeye Opportunities Fund, both private equity funds of funds, said Terry Slattery, executive director of the $2.2 billion pension fund.
The Adams Street Partners fund is new. Mr. Slattery said.
The Siguler Guff Hawkeye fund is a separate account set up solely for the Iowa municipal pension system in 2011 as a fund of funds investing globally, Mr. Slattery said. The new commitment raises the system’s total commitment to $220 million, Mr. Slattery added.
With $400 million, or 18% or its total fund, invested in private equity, the pension system has been working to bring its allocation down to its 15% target.
“We still need to add commitments to private equity to maintain balance” in portfolio diversification, Mr. Slattery said.
Summit Strategies Group, the pension system’s investment consultant, assisted.