Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., committed $10 million each to secondary private equity funds managed by Hamilton Lane and Portfolio Advisors.
The $756 million pension fund's board approved investment consultant AndCo Consulting's recommendation to split a $20 million portfolio between the two private equity managers at its Jan. 23 meeting, said Carly E. Webster, assistant secretary to the board. It is the pension fund’s first commitment to private equity funds, Ms. Webster said.
The commitments will be allocated to the pension fund’s “other assets” asset class. She did not provide further information.