Big Apple CFO Lists MWBE Manager Picks

By year end, New York City Comptroller John Liu said today that the New York City Pension Funds will have two new direct private equity investments within its minority-Bi and women-owned (MWBE) emerging manager program.

In his Friday comments, Liu said to the attendees of the New America Alliance?s 12^th Annual Wall Street Summit that the City has committed $20 million to New York-based firm ICV Partners. The ICV Partners III fund received the first direct investment to be reported through its new MWBE private equity emerging manager program, which was introduced in March, Liu stated.

Alex Do??, a former Presidential appointee at the U.S. Department of Commerce-Minority Business Development Agency (MBDA), was previously brought on to assist Liu?s MWBE investment effort.

Do?? joined the Comptroller office?s BAM as executive director for private equity/emerging managers, and will be ?responsible for leading the expansion of?the New York City Pension Funds? commitment to? MWBE firms.?

Previously, at the start of the year, the Comptroller listed in a Jan. 17?announcement?that the City?s retirement assets ?will seek to expand their commitment to minority and women investment managers by $500 million.?

This position will ?solidify the City?s position as one of the top pension systems in the nation doing business with?MWBEs,? Liu stated at the time.

Presently, according to Liu, the nearly $124.8 billion retirement systems' have recently committed about $420 million to three private equity funds managed by MWBE firms. Collectively, the emerging manager program has about $6.5 billion committed.

The Comptroller added in his Nov. 16 comments that his office and its Bureau of Asset Management (BAM) ?expect to complete one additional private equity investment by year end subject to final negotiations.?

Source: http://www.mandatepipeline.com/news/nyc-pensions-private-equity-mwbe-emerging-managers-235459-1.html

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