North Carolina Retirement Systems, Raleigh, hired Neuberger Berman to run a new $200 million program for small and emerging private equity managers, state Treasurer Janet Cowell announced Tuesday according to Pensions & Investments. 

The primary focus is minority- and women-owned firms, funds with less than $750 million, and first- and second-time funds.

Neuberger Berman will manage the program through its NorthBound Emerging Managers Private Equity Fund, a fund of funds which will target multiple strategies, including buyout, growth capital, venture capital and special situations, and involve direct investments, co-investments and secondary investments. Neuberger Berman was chosen after a competitive search.

The pension fund's first small and emerging managers program, for public equity, was launched in 2013 and has been successful, said Ms. Cowell, sole trustee of the $90 billion pension fund, in a statement. The new private equity program “allows us to capture higher returns that will benefit pensioners while tapping new talent,” she said.

Small and emerging managers can submit information on Neuberger Berman's website.