Philadelphia Board of Pensions & Retirement to invest in value added and debt funds in 2010

by Stuart Taylor

  • 25 Nov 2009
  • PE
  • RE

The pension fund wants to get nearer to its 5% target allocation in 2010 and could commit to three closed-end vehicles. It will seek exposure to both value added and debt funds and this may include a focus on international markets. Although the pension fund has previously invested between USD 20 million to USD 25 million in each private equity real estate fund, it will commit from USD 10 million to USD 15 million per vehicle in 2010. This change in strategy is in response to what the pension funds believes is an unstable private equity real estate market and its own need to retain liquidity. The level of management fees will affect which managers Philadelphia selects and it believes that investors will have a greater say in management fees in this market climate.

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