Manchester Picks Private Equity FoF Manager

August 18, 2008

Lexington Capital Partners has been selected by the Manchester Employees' Contributory Retirement System (MECRS) to oversee a $2 million private equity fund-of-funds mandate, said Gerry Fleury, executive director of the New Hampshire plan. Fleury explained that MECRS has been investing in private equity for over a decade, but that it was always underfunded in the asset class. He noted that the plan was not getting the returns that it would have wanted from its private equity investments and that it was decided to limit this search to fund-of-funds that would provide diversification across vintage years, as that would reduce the risk level of the investments.

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