Macomb County Employees' Retirement System, Mount Clemens, Mich., committed $10 million to a secondary private equity fund managed by Capital Dynamics.
The $1.3 billion pension fund's board approved the commitment at its Nov. 17 meeting, recently released meeting minutes show.
The pension fund conducted a shortlist search for a secondary private equity fund, according to the minutes. Investment consultant AndCo Consulting made the recommendation to make the commitment to Capital Dynamics. The other candidate was Portfolio Advisors.
The minutes did not disclose the name of the Capital Dynamics fund, but the manager has been fundraising during 2022 for Capital Dynamics Global Secondaries VI.
The pension fund's target allocation to private equity is 10%.
Stephanie Dobson, retirement administrator, could not be immediately reached for further information.