Ann Arbor (Mich.) Employees' Retirement System committed $4 million to abrdn U.S. Private Equity Fund X.
The $570 million pension fund's board approved the commitment to the private equity fund of funds at its Nov. 17 meeting, recently released meeting minutes show.
It is the pension fund's first commitment to a fund managed by abrdn.
As of June 30, the pension fund's actual allocation to private equity was 7.4%; the target is 7%.
Investment consultant Meketa Investment Group assisted.
Wendy Orcutt, the pension fund's executive director, could not be immediately reached for further information.