Ann Arbor (Mich.) Employees' Retirement System made two commitments to alternative investment funds.
It committed $8.5 million to DRA Growth & Income Fund IX, managed by DRA Advisors, meeting minutes released Thursday showed. The $472 million pension fund previously committed $7.4 million in DRA Growth & Income Fund VIII, according to the fund's latest performance report.
A new manager, SVB Capital, received a $9 million commitment to SVB Strategic Investors Fund VIII, a venture capital fund of funds.
Separately, Daniel Gustafson was appointed interim executive director in September after the board was unable to reach agreement about a temporary services contract with Nancy R. Walker, who retired from the position Aug. 31, according to board minutes. Mr. Gustafson is a pension analyst for the system.
Mr. Gustafson did not return a call seeking information about the progress of the search for a permanent executive director.