The $1.3 billion Plymouth County Retirement Association in Massachusetts hired three buyout managers at its September board meeting.
The mandates totaled $10 million each and follow a search that kicked off over a year ago and was handled by Meketa. Since 2016, the pension fund’s board has pursued a direct investment strategy within the alternative asset classes, preferring to invest directly in partnerships rather than through fund-of-fund vehicles.
Hired were Atlantic Street Capital, LLR Partners and Searchlight Capital Partners.
Atlantic Street Capital, which has offices in New York, Greenwich, Conn., and West Palm Beach, Fla., targets the lower middle-market private equity landscape. The investment team targets entrepreneurial management partners and fundamentally sound companies between $4 million and $25 million of EBITDA that will benefit from capital investment and the firm’s strategic and operational support.
Based in Philadelphia, LLR Partners is also focused on the lower middle market space with an interest in technology and healthcare businesses. Historically the firm has invested between $25 million and $100 million in companies.
Lastly, Searchlight Capital Partners in New York is known for its pursuit of opportunities in a range of sectors that include communications, media and financial and business services.