Philadelphia Municipal Employees Retirement Systems board has approved increases to its private equity commitments, said Marc Bonavitacola, chief investment officer. The $4.8 billion fund is upping its commitment to Keystone Venture V to $15 million from $10 million, he said. It also conditionally approved a $25 million commitment to European Strategic Partners, a venture capital and buyout fund of funds. For Philadelphia Municipal to go forward with the commitment, European Strategic Partners needs to find commitments equal to or greater than Philadelphias from other U.S. public pension funds. The pension system currently has a 2% allocation to alternative investments, including private equity, he said.