Milwaukee City Employes' Retirement System approved new commitments to private equity funds of funds totaling $160 million.
The $5.6 billion pension fund's board at its Sept. 28 meeting approved commitments of $100 million to Mesirow Financial Private Equity Partnership Fund IX; and $30 million each to AP 2023, managed by Abbott Capital Management, and Apogem Private Equity Fund X, managed by Apogem Capital, said David M. Silber, chief investment officer, in an email.
All are existing managers for the pension fund. The previously disclosed commitments to the managers for 2020 were $120 million to Mesirow Financial Private Equity Partnership Fund VIII, $40 million to Abbott Capital Management's AP 2020 private equity fund of funds and $35 million to Private Advisors Small Company Private Equity Fund IX, managed by PA Capital.
PA Capital was one of three New York Life Investment Management alternative investment boutique businesses that were combined into Apogem Capital.
Overall, the pension fund has committed a total of $380 million to 12 previous Abbott funds, $355 million to four previous Mesirow funds and $95 million to four previous Apogem/PA Capital funds, Mr. Silber said.
As of June 30, the pension fund's actual allocation to private equity was 13.6%; the target is 10%.
Investment consultant Callan assisted.
