District of Columbia Retirement Board, Washington, committed $25 million to Spectrum Equity Fund VII, subject to contract negotiations, said minutes from a previous board meeting released for Thursday's meeting.
Spectrum Equity is raising $800 million for the growth private equity fund, its SEC filing showed.
At its May meeting, the investment committee approved an earlier board decision to commit up to $15 million to Wheelock Street Real Estate Fund II, a non-core real estate fund managed by Wheelock Street Capital.
The committee also approved a board decision to terminate BlackRock, which had managed $628 million as of June 30, the most recent data available, in its core-plus bond strategy. The termination was an asset allocation decision, said a DCRB official who asked not to be named. Further information was not available by press time.
The $5.8 billion pension fund returned 11.3% gross of fees in fiscal year 2013, which ended Sept. 30, the pension fund's annual report said. The strongest performer in the one-year period was developed markets equities, which returned 22.4%; followed by domestic equities, 22.2%; private equity, 13%; real assets, 8.5%; absolute return, 2.8%; and emerging markets equities, 1.5%. Fixed income was down 0.6% for the fiscal year.
