Marlborough pension awards FoF mandate

Unquote has learned that the $172m pension fund has split the mandate evenly between both firms.

Investment consultant Meketa Investment Group assisted with the manager search, where only experienced managers of funds-of-funds were considered.

Other requirements included that the interested firms had to be in operation for at least five years, and to have invested more than $1bn in total equity capital.

The deadline for proposals was on 13 February.

The US pension fund has invested 2% of its portfolio in private equity, versus a target allocation of 5%.

Marlborough Retirement Board invests in funds-of-funds, which are diversified by strategy, including buyouts, venture and mezzanine debt.

Harbourvest has recently backed Steadfast Capital Fund IV, according to Unquote Data. The fund held a final close on €297m in January 2019, surpassing its target of €250m, just below its €300m hard-cap after two years on the road.

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