CMERS backs fund of funds vehicles

City of Milwaukee Employees' Retirement System has put $160m in private equity.

Name: City of Milwaukee Employees’ Retirement System
HQ: Milwaukee, US
AUM: $5.6 billion
Allocations to alternatives: 21.15%

City of Milwaukee Employees’ Retirement System has announced $160 million in private equity commitments across three fund of funds vehicles.

The $5.6 billion pension fund has committed $100 million to Mesirow Financial Private Equity Partnership Fund IX, with a further $30 million to both Apogem Private Equity Fund X and AP 2023, according to recently released materials from the pension’s board meeting on 28 September.

Mesirow Financial Private Equity Partnership Fund IX is managed by Mesirow, an asset management firm based in the US that offers investment management and advisory services. As with the previous fund in the series, Mesirow IX will provide investors with access to primaries, secondaries and co-investments.

Apogem X is a $500 million private equity fund of funds vehicle that will focus on the lower mid-market, targeting buyout and growth strategies in North America that typically seek under $500 million in equity. Consistent with Apogem‘s wider private equity model, the fund’s footprint may extend beyond the lower mid-market to larger funds ($1 billion to $5 billion+) and managers based outside of North America.

AP 2023 is Abbott Capital Management‘s latest private equity fund of funds offering. Known as the Abbott Capital Annual Program Funds, in existence since 1995, AP is a series of commingled investment vehicles designed to provide institutional investors with the ability to participate in private equity investments through the creation of diversified, core portfolios of buyout, special situations, venture capital and growth equity funds.

CMERS currently allocates 12.39 percent of its total investment portfolio to private equity investment, totalling a little under $700 million in capital. The pension has a target allocation to private equity of 10 percent.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.