Citigroup increased its private equity allocation from less than 1% to a range of 2% to 3% said Ronald Walter, executive vice president of Citigroup Investments, overseeing $7.5 billion of the merged Citibank and Travelers Group defined benefit plans. Recently Citigroup made two non-U.S. commitments: $25 million to Ripplewood Holdings, an Asian private equity fund, and $25 million to Equity Office Properties International, its first allocation to an international real estate fund. Funding will come from equities. Citigroup also is conducting an asset allocation study, due to be completed this month. It is likely to allocate 20% of assets to alternatives, pending approval.