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DCRB confirms $50m commitment

The US public pension has backed Avance Investment Management's maiden private equity fund.

Institution: District of Columbia Retirement Board
Headquarters: Washington, DC
AUM: $10.09 billion
Allocation to alternatives: 8.9%

District of Columbia Retirement Board has confirmed a $50 million commitment to Avance Investment Partners, according to minutes from the pension’s April 2021 board meeting.

Avance Investment Management‘s debut vehicle recently held a first close at $425 million, with the vehicle’s fundraising target set at $500 million.

DCRB’s has a 9 percent target allocation to private equity that currently stands at 6 percent.

As illustrated below, the $10.09 billion US public pension’s private equity fund commitments have tended to target North American buyout vehicles.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy, and fund investments.