Defined Benefit Fund Private Equity

Private Equity seeks superior long-term returns with an illiquidity premium, while enhancing diversification across strategies, sectors, and geographies.

The portfolio is implemented through external managers, with selective co-investments to deepen exposure and improve capital efficiency.

The portfolio is primarily allocated to Corporate Finance (50–90%), with smaller allocations to Venture Capital (0–30%) and Special Situations (0–30%). Co-investments and direct investments may comprise up to 35% of market value. Manager concentration is limited to 20%, and geographic allocations are constrained to 50–70% U.S. and 30–50% Non-U.S., with further limits on emerging markets.

Manager selection emphasizes sector expertise and value creation. Performance is benchmarked to the State Street Private Equity Index, with risk managed through disciplined pacing, diversification, and policy-based constraints.