Westfield (Mass.) Contributory Retirement System is looking to allocate between $15 million and $20 million to a diversified private equity fund of funds and $10 million to $15 million to a value-added/opportunistic real estate fund.
Fiduciary Investment Advisors, investment consultant to the $240 million pension fund, is assisting with the searches.
These are new commitments. The board recently increased its target allocations to both private equity and real estate, said Maura Goulart, director of client services at Fiduciary Investment Advisors.
For the private equity fund of funds search, the board is seeking strategies focused on small and middle-market buyouts but will also consider co-investment and/or secondary funds. Stand-alone distressed-debt strategies and/or venture-only funds will not be considered. Responding firms must have at least five years' experience of private equity investing.
For the real estate funds search, both open- and closed-end funds will be considered. The board will also consider either funds that make direct investments, or funds of funds.
The board might commit to more than one fund in each mandate.
The RFPs are available on Fiduciary Investment Advisors' website. Proposals for both searches are due at 3 p.m. EST Dec. 31. The board will evaluate responses in the first quarter. A selection date has yet to be determined.