Despite nearly bankrupting itself a few years ago, the San Diego City Employees Retirement System is delving into private equity to close the gap of current assets and promises to retirees. The problem is they don’t have an advisor just yet. So any of you laid-off New Yorkers looking for a change of pace and sunny weather for 350 days a year, this might be your chance of a lifetime.

San Diego’s pension fund is still working its way out from under a huge shortfall that nearly bankrupted the city. The private equity business faces serious challenges of its own these days. So it might seem like a strange time for San Diego to start private equity investing.

But the sun-drenched city is taking the plunge. The San Diego City Employees’ Retirement System recently announced on its Web site that is it looking for an adviser to help it develop a private equity portfolio. PEHub.com picked up the announcement here.

The amount it will invest isn’t huge — about 5 percent of its $5 billion in assets, or roughly $250 million, according to the site. And the decision wasn’t made overnight: The pension fund has been considering a move into private equity for months, according to meeting minutes on its Web site.

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