Private Equity
The retirement system committed to funds with two new manager relationships last week.
Early-stage venture capital firm Construct Capital successfully closed its $300 million Fund III, the firm announced.
The firm has raised $3.5 billion in total capital for its eighth private equity fund.
The internal investment pilot is part of the board’s efforts to enhance investment outcomes.
The commitment represents a new relationship for the city’s three pension plans.
The retirement system is seeking to establish a pool of “possibly two to three” consulting firms to advise on co-investments.
The retirement system made a $25 million private equity commitment last month.
The plan will interview three international equity managers, including its incumbent, this summer.
Two prominent foundations are among the group of endowments, foundations, pensions, corporations and family offices to commit to a firm’s recently closed second venture fund.
The pacing plans call for a total of $105 million to private markets this year.