Dominique Cherry

The Philadelphia Board of Pensions oversees the assets of 22 total pension funds. The $3.6 billion pension fund made its first investment into funds of funds two years ago, and now invests directly in�hedge funds. The Board also invests in private equity funds and has invested in this asset class since 1987.� 5% of the fund is dedicated to real estate, 6% is dedicated to hedge funds, and another 12% is invested in private equity. The board recently decided to add a 5% allocation to real asset funds including MLPs and infrastructure funds.In terms of its private equity investments, all of the pension's allocations are dedicated to single-manager funds. The firm has investments in buyouts (small-mega market), venture capital, mezzanine, growth capital, and distressed funds. Commitment size is typically about $5 million.The Board works with investment consultants for each of the alternative asset classes: Aksia (hedge funds), Franklin Park (private equity funds), and Courtland Partners (real estate funds).