City of Philadelphia approves $25m commitment

The US public pension has backed a North American private equity fund.

Institution: City of Philadelphia Board of Pensions & Retirement
Headquarters: Philadelphia, United States
AUM: $5.77 billion
Allocation to alternatives: 20%

City of Philadelphia Board of Pensions & Retirement has confirmed a $25 million commitment to Estancia Capital Partners Fund II, according to recently-released minutes from its October investment committee meeting.

The fund is managed by Estancia Capital Management and will invest in North American companies in the financial and business services sector.

The $5.77 billion US public pension has a 10 percent allocation to private equity.

As illustrated below, Philadelphia has focused its recent commitments on North American vehicles and has made a total of $190 million in commitments to funds with vintage years between 2018 and 2020.

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