The $57 million Massachusetts Housing Finance Agency Employees Retirement System has committed up to $3 million to Goldman Sachs Private Equity Group’s new fund-of-funds.
John Doherty, executive secretary of the plan, said the board made the hire to diversify its portfolio. Funding for the commitment will come from the plan’s surplus and reallocation of its other portfolios. No managers will be terminated, Doherty said. The funding will be completed soon because the fund-of-funds is not in full operation yet.
Meketa Investment Group assisted. A spokeswoman at GS declined to comment on the allocation.