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Pension Funds

West Palm Beach Police cancels private equity commitment to DuPont Capital Management

Reversal follows personnel changes at DuPont

West Palm Beach (Fla.) Police Pension Fund reversed its decision to commit $12 million to DCM Private Equity Fund V, a private equity fund of funds managed by DuPont Capital Management, said John McCann, senior consultant at AndCo Consulting, investment consultant for the $370 million pension fund, in an email.

The pension fund's board, which originally voted to make the commitment at its February meeting, decided to forgo contract negotiations due to personnel changes at DuPont, Mr. McCann said. The board will commit $12 million each to private equity funds of funds Aberdeen U.S. Private Equity VII, managed by Aberdeen Standard Investments, and PEG Global Private Equity VII, managed by J.P. Morgan Asset Management (JPM). Mr. McCann said there will be no replacement fund.

The commitments were originally approved based on Mr. McCann's recommendation to allocate about 10% of the pension fund to private equity. The funding source has yet to be determined.

As of March 31, the pension fund's actual allocation was 49.3% domestic equities, 20.2% domestic fixed income, 14.9% international equities, 12.9% real estate and 2.7% cash equivalents.

The target allocation as of that date was 52% domestic equities, 22% domestic fixed income, and 13% each international equities and real estate.