Dallas/Fort Worth International Airport approved up to $20 million total in private equity commitments on behalf of its pension funds, said Michael Phemister, vice president of treasury management.
The airport board committed up to $10 million each to Bay Hills Capital Partners III, a buyout fund of funds, and Permal Private Equity Opportunities V, managed by Permal Capital Management. The fund will purchase secondary interests in buyout and venture capital funds.
The board previously committed $5 million each to predecessor funds Bay Hills Capital Partners II and Permal Private Equity Opportunities IV.
DFW Airport oversees two pension funds with a combined $530 million in assets — the General Employees of Dallas/Fort Worth International Airport Retirement Plan and the Department of Public Safety Retirement Plan.
The commitments will bring the pension funds’ private equity allocation, now 5.7%, closer to its 12.5% target.
