Baltimore City Fire & Police Employees' Retirement System committed $16 million each to RLJ Equity Partners Fund II and Bernhard Capital Partners Management's Bernhard Capital Partners Fund II, both buyout funds.
The moves were reallocations to bring the asset class closer to its target, spokeswoman Amy Baskerville said. The $2.7 billion pension fund has a 10% target allocation to private equity and a 6.2% actual allocation as of Sept. 30.
The decision was made at the board of trustee's Oct. 17 meeting. Also at that meeting, investment consultant Summit Strategies recommended committing up to $16 million to Greenspring Secondaries Fund III, a venture capital secondaries fund. The board agreed to interview Greenspring Associates at its Nov. 21 meeting, Ms. Baskerville said.
Summit also recommended that the board consider a possible $20 million real assets commitment to EnCap Flatrock Midstream Fund IV, which the board will also interview for at the November meeting.
Separately, On Oct. 26, the pension fund requested a full $33 million redemption from Renaissance Technologies. David A. Randall, deputy executive director, said in an interview that the decision was made in an emergency session after questions were raised about political activities of Renaissance co-CEO Robert Mercer. Mr. Mercer announced Thursday he will resign as co-CEO effective Jan. 1.
Also, Brown Advisory was put on watch. No further details were provided.
The pension fund's current asset allocation as of Sept. 30 is 23.7% each domestic and global equity, 20.4% fixed income, 8.9% real estate, 8.7% hedge funds, 6.2% private equity, 5.1% energy limited partnerships, 2.4% private energy and less than 1% in cash.