New Orleans Sewerage & Water Board approved two new commitments to private equity funds of funds totaling $20 million for its $223 million pension fund.
The board of trustees approved commitments of $15 million to Mesirow Private Equity Fund IX and $5 million to Sango Private Equity IV, managed by Sango Capital Management, at its Dec. 20 meeting, a webcast of the meeting shows.
The commitments are the first for the board to private equity funds of funds. The board had created a new 10% target to private equity funds of funds in November 2021. The new target was created following an asset allocation review that also included the creation of a 7% target for global infrastructure, the elimination of its 8% target to hedge funds, increases in the targets for domestic equities to 34% from 27%, international equities to 21% from 20% and the reductions of targets for fixed income to 25% from 36% and real assets to 3% from 9%.
The board approved its first infrastructure investment in October 2022: $15 million in Cohen & Steers' Global Listed Infrastructure mutual fund.
Investment consultant Marquette Associates assisted.
