DC Retirement Board commits $60m to TA and AnaCap

The  Board, which plans to commit to five to seven PE funds this year, will commit $30m each to TA and AnaCap

The District of Columbia Retirement Board approved unanimously at last week's meeting to invest up to $30 million (£19.72 million; €27.53 million) to TA Associates Fund XII and another $30 million to AnaCap Credit Opportunities Fund III. 

The board spokesperson was not immediately available to comment.

TA Associates' Fund XII, launched this year, is targeting $4 billion and focuses on venture capital and growth equity, and AnaCap Credit Opportunities Fund III focuses on debt and special opportunities, according to PEI 's Research & Analytics division.

The board, founded in 1979, is an independent agency that manages District Retirement Funds assets and is led by executive director Eric O. Stanchfield. It currently has about $2 billion in assets under management, according to Bloomberg.

As of 30 September 2014, the board had 12 private equity investments, mostly in buyout funds, including Blackstone Fund IV and CVC Fund VI. 

In January the board approved its annual budget for 2015, which includes $180 million targeted for five to seven private equity commitments, with an average commitment size of $30 million.

In the first quarter of 2015, the board's private equity assets were valued at $328.5 million, or five percent of the retirement fund, compared with $349.9 million the previous quarter. It allocates eight percent of its fund to private equity.