Philadelphia Board of Pensions and Retirement approved a total of $50 million in commitments to two funds managed by Turning Rock Partners for the $7.4 billion Philadelphia Public Employees Retirement System.
The board's investment committee at its July 26 meeting approved commitments of $25 million to Turning Rock Fund III, a small- and middle-market North American buyout fund, and $25 million to the manager's co-investment vehicle, said Christopher DiFusco, chief investment officer, in an email.
Turning Rock Partners is a new manager for the pension fund, Mr. DiFusco said.
As of May 31, the pension fund's actual allocation to private assets was 13.3%; the target is 12%.
