Milwaukee County Employees' Retirement System is searching for private equity funds of funds to which it will commit a total of $60 million, said Timothy Coyne, director-retirement plan services.
The $1.7 billion pension fund issued two RFPs for $30 million each: one for a global diversified fund-of-funds manager, and one for a small-buyout fund-of-funds manager.
Funding will likely come from cash, Mr. Coyne said. As of July 31, the actual allocation to private equity was 11.4%; the target is 10%.
The global diversified RFP and small-buyout RFP are both available on the county's purchasing website. Proposals for both are due at 5 p.m. CDT on Oct. 25. Mr. Coyne said he believes commitments will likely be made in the first quarter of 2020.
Investment consultant Marquette Associates is assisting.