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Pension Funds

Seattle City Employees tops up Adams Street fund-of-funds separate account

Seattle City Employees' Retirement System committed up to an additional $280 million to a customized private equity fund-of-funds separate account managed by Adams Street Partners, said Anthony Smith, deputy chief investment officer, in an email.

The $2.8 billion pension fund originally hired Adams Street to run up to $200 million in 2014 in a customized "fund-of-one" separate account to bring the pension fund up to its 9% private equity target by the middle of 2018.

As of Sept. 30, Adams Street, the sole manager in the private equity asset class, managed $139 million, or 5% of the total pension fund, in the portfolio.