CMERS approves $295m in commitments

The US public pension has backed four diversified private equity funds, including a secondaries fund.

Institution: City of Milwaukee Employees’ Retirement System
Headquarters: Milwaukee, United States
AUM: $5.37bn
Allocation to alternatives: 28.30%
Bitesize: $50-100m

City of Milwaukee Employees’ Retirement System approved commitments of $120 million to Mesirow Financial Private Equity Partnership Fund VIII, $100 million to NB Secondary Opportunities Fund V, $40 million to AB-Abbott Private Equity Investors 2020 and $35 million to Private Advisors Small Company Private Equity Fund IX. Capital raised by all four funds will invest in North American companies across diversified industries, with NB Alternatives using capital raised by its fifth secondaries fund to invest globally.

The $5.37 billion US public pension has a 4 percent target allocation to private equity that currently stands at 7.70 percent.

As illustrated in the charts below, CMERS has a strong appetite for North America-focused fund of funds. The pension also devotes a portion of its full investment portfolio to real estate assets.

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