City of Philadelphia approves $25m commitment

The US public pension has backed Veritas Capital's seventh series buyout fund.

Institution: City of Philadelphia Board of Pensions & Retirement
Headquarters: Philadelphia, United States
AUM: 5.50bn
Allocation to alternatives: 10.0%

City of Philadelphia Board of Pensions & Retirement has agreed to commit $25 million to Veritas Capital Fund VII, according to a recent report on the pension’s website. The buyout fund is focusing on investments in the US TMT sector.

The $5.50 billion US public pension has a current allocation of 7.60 percent to private equity.

As illustrated below, Philadelphia is a repeat investor to this Veritas Capital fund series, having previously committed $60 million to the fund’s predecessor.

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