Dallas-Fort Worth International Airport Board approved two new alternatives fund commitments totaling $18 million for its $841 million pension fund.
The airport's board approved a commitment of $10 million to value-added real estate fund Virtus Real Estate Capital IV and an $8 million commitment to New Mountain Partners VII, a buyout fund managed by New Mountain Capital, at its March 2 meeting, spokesman Brian A. Brooks said in an email.
Virtus Real Estate is a new manager for the pension fund. The board previously committed $5 million to New Mountain Partners VI.
As of Dec. 31, the pension fund's actual allocations to private equity and real estate were 14.3% and 9.5%, respectively; each asset class has a target allocation of 12.5%.
Investment consultant AndCo Consulting assisted.