Milwaukee City Employes' Retirement System approved new commitments to private equity funds of funds totaling $70 million.
The $5.6 billion pension fund's board at its Sept. 26 meeting approved commitments of $40 million to AP 2024, managed by Abbott Capital Management, and $30 million to Apogem Private Equity Fund XI, managed by Apogem Capital, recently released meeting minutes show.
Both are existing managers for the pension fund. The board's previous commitments to the managers were $30 million each to AP 2023 and Apogem Private Equity Fund X, both approved in September 2022.
As of June 30, the pension fund's actual allocation to private equity was 13.4%; the target is 10%.
Investment consultant Callan assisted.