Massachusetts Water Resource Authority Employees' Retirement System, Chelsea, is looking to commit about $15 million to a private equity fund.
Growth equity funds, co-investments and special situations will be considered. Fund of funds, evergreen or hybrid funds will not be considered.
The search is being conducted because some older vintage funds are cycling out of the portfolio and the board wants to maintain its 10% policy target to private equity, said Carolyn Russo, executive director. The pension fund is currently at 8.8%.
NEPC, investment consultant for the $650 million defined benefit plan, is assisting with the search.
The RFP is available on the retirement system's website. Proposals are due by 2 p.m. EDT May 28. Ms. Russo said she expects the board to select a manager in August, although it depends on the responses.