The City of Bethlehem, Pa.'s Aggregated Pension Fund Board is currently looking to place approximately $10 million with a private equity fund of fund manager, IMMP has learned.
According to procurement documents made available by investment consultant Morrison Fiduciary Advisors, this will be the city’s first investment in private equity fund of funds. The $135 million retirement portfolio currently uses nine investment managers to advise 12 specific investment disciplines.
In order to be considered, firms must have a capability to globally source deals, completed at least three private equity fund of funds deals in the past decade and a proven investment rate of return that has consistently beaten the Russell 3000 index by 200 basis points over comparable time periods.
All bids are asked to be submitted to by May 1. It is likely that manager finalist will be held on June 4.
The RFP’s primary contacts are David Brong, the Aggregated Pension Fund’s business administrator, and Robert Bulas, a senior VP and senior consulting analyst at Morrison Fiduciary Advisors.
At press time, inquiries sent to Brong seeking further information were not immediately returned.
Currently, the Aggregated Pension Fund includes assets from the Bethlehem Firemen's Pension Fund, the Bethlehem Police Pension Fund Association and the Bethlehem Officers' and Employees' Retirement Fund.