Wayne County Employees' Retirement System, Detroit, made two new private equity commitments totaling $20 million.
The $1.1 billion pension fund's board approved commitments of $10 million each to private equity fund of funds Taurus Private Markets Fund and Abbott Capital Secondary Opportunities II, a secondary private equity fund managed by Abbott Capital Management, at its Feb. 22 meeting, confirmed Robert Grden, executive director, in an email.
According to Feb. 22 meeting minutes, the pension fund conducted two separate searches. In the private equity fund-of-funds search, RCP Advisors was the other finalist. In the secondary private equity manager search, Portfolio Advisors was the other finalist.
As of Dec. 31, the actual allocation to private equity was 1.5%.
Investment consultant AndCo Consulting assisted.