City of Philadelphia approves $100m in commitments

The Philadelphia-based public pension has committed to two private equity vehicles.

City of Philadelphia Board of Pensions & Retirement has confirmed $100 million in commitments to two private equity funds, according to recently-released minutes from its December investment committee meeting.

Philadelphia will commit $25 million to both African Development Partners Fund III and ADP III Co-investment Vehicle. A further commitment of $50 million will be made to Queen Lane Fund.

The African Development Partners Fund III is managed by Development Partners International and will invest in companies in the TMT, retail and manufacturing sector in Pan-African countries. Queen Lane Fund is managed by Franklin Park and is a social impact fund.

The $6.4 billion US public pension fund has a 9.6% allocation to private equity.

As illustrated below, the public pension has made $195 million in commitments to funds with vintage years of 2018-2020.

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