District of Columbia Retirement Board, Washington, plans to commit at least $335 million to private funds this year under the private assets annual capital budget approved at its Jan. 22 meeting.
Draft minutes of the meeting show investment ranges up to $445 million in possible commitments:
- In private equity, the board approved a target of $180 million and up to $210 million for five to seven commitments, averaging $30 million.
- In real estate, the board approved a target of $75 million, up to $100 million, for two to four commitments, averaging $20 million to $30 million.
- For private infrastructure or opportunistic funds, the board set a target of $40 million, ranging up to $60 million, for up to three investments averaging $20 million to $30 million each.
- In private energy, the board set a target of $40 million, ranging up to $75 million, for up to three investments averaging $20 million to $30 million.
The $6.5 billion pension fund’s target allocation is 48% equity, 27% fixed income, 10% absolute return, 8% private equity and 7% real assets.
As of Dec. 31, its actual allocation was 54% equity, 30% fixed income, 4% absolute return, 5% private equity and 6% real assets, with the rest in cash, according to a quarterly summary by investment consultant Meketa Investment Group.
