Philadelphia Board of Pensions and Retirement approved two new commitments totaling $55 million to energy-focused growth equity funds managed by EIV Capital for the $8.7 billion Philadelphia Public Employees Retirement System.
The board approved commitments of $35 million to EIV Capital Fund V and $20 million to EIV V Coinvestment at its Dec. 12 meeting, recently released meeting minutes showed.
EIV Capital is a new manager for the pension fund.
Also at the Dec. 12 meeting, the board approved rehiring Northern Trust as its custodian. The pension fund issued an RFP in 2024; State Street Corp. and U.S. Bank also bid for the services.
As of Dec. 31, the pension fund’s actual allocation to private assets was 11.7%; the target is 12%.
Investment consultant Marquette Associates assisted.
