Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System committed $8 million to Drum Special Situation Partners IV, a private equity fund of funds managed by Drum Capital Management, said Jeffrey Yates, retirement administrator.
The $1.1 billion pension fund's target allocation to private equity is 5%. Mr. Yates said the pension fund is in the middle of a seven-year schedule to reach that target. The actual allocation to private equity as of June 30 was 2.2%.
Investment consultant Summit Strategies Group assisted.