Philadelphia Board of Pensions and Retirement approved a total of $50 million in commitments to two funds managed by Valor Equity Partners for the $7 billion Philadelphia Public Employees Retirement System.
The board's investment committee approved commitments of $25 million each to growth equity funds Valor Equity Partners VI and Valor Equity Partners Opportunity Fund I at its April 27 meeting, said Christopher DiFusco, chief investment officer, in an email.
Valor Equity Partners is a new manager for the pension fund, Mr. DiFusco said.
As of Feb. 28, the pension fund's actual allocation to private assets was 14%; the target is 12%.
