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.

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