Philadelphia Board of Pensions & Retirement committed a total of $100 million to two private equity funds, confirmed Christopher DiFusco, chief investment officer of the $6.4 billion pension fund.
At its investment committee meeting Dec. 3, the board agreed to commit $50 million each to African Development Partners III, a private equity fund managed by Development Partners International; and to the Queen Lane Fund, a social impact fund managed by Franklin Park.
The commitment to African Development Partners III will be split evenly between the fund and a co-investment vehicle.
The commitments were made at the recommendation of pension fund's staff and investment consultant Marquette Associates.
In addition, at its deferred compensation plan meeting, also on Dec. 3, the board agreed to replace the T. Rowe Real Estate Fund with the Neuberger Berman Real Estate Fund for the city's $1.6 billion 457(b) deferred compensation plan. Mr. DiFusco confirmed underperformance as the reason for the fund change. The T. Rowe Price Group fund held more than $9 million in 457 plan assets as of Oct. 31. Bill Benintende, a spokesman for T. Rowe Price, declined to comment.