Dallas Employees names private equity fund-of-funds semifinalists

Dallas Employees' Retirement Fund named four semifinalists in its invitation-only search for a private equity fund-of funds manager to run between $25 million and $50 million as part of its emerging managers program, said Cheryl Alston, executive director, in an e-mail.

Due diligence will be conducted with the four semifinalists: Fairview Capital, Muller & Monroe Asset Management, Invesco(IVZ) Private Capital and Grosvenor Capital Management.

After due diligence in June or July, two firms will be selected for final presentations. The search is due to the $3.4 billion pension fund's efforts to allocate the remaining 2.5% of its 10% allocation to the emerging managers program originally established in 2012.

Investment consultant Wilshire Associates is assisting.

A hiring decision is anticipated in September.