District of Columbia Retirement Board, Washington, agreed to commit a total of up to $85 million to private equity, energy and real estate, subject to contract negotiations, said minutes from a Sept. 17 board meeting, which were released Friday.
In private equity, the $6.5 billion pension fund committed up to $25 million to Advent Latin American Fund VI, a buyout fund managed by Advent International and $20 million to Centerbridge Capital Partners III, a distressed debt fund managed by Centerbridge Partners.
Another $20 million was committed to natural resources-focused fund Quantum Energy Partners VI, which will invest in energy companies in the oil and gas upstream, midstream, oil field service and power generation sectors.
In real estate, DCRB committed up to $20 million to Harrison Street Real Estate Capital's Harrison Street Real Estate Partners V.
The pension fund's target allocation is 48% equity, 27% fixed income, 10% absolute return, 8% private equity and 7% real assets.
As of June 30, its actual allocation was 55% equity, 29% fixed income, 4% absolute return, 6% private equity and 5% real assets, with the rest in cash according to a quarterly summary by investment consultant Meketa Investment Group Inc.
