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News: Tyne & Wear seeks fund-of-funds provider for oe45m private equity brief.

A GBP45m private equity brief is up for grabs at the GBP2.4bn Tyne & Wear pension fund, administered by South Tyneside Council, after it decided to increase its allocation to the alternative asset class.

The local authority scheme announced its intention to hire a fund-of-funds provider to complement its existing private equity investment programme with HarbourVest.

Tyne & Wear has a 5% target exposure to private equity and while the scheme is happy with HarbourVest's performance, it wants to add additional managers to help eradicate manager risk.

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