DC Retirement Preps Int’l Equity Search, Commits $100M to EnCap Fund

The District of Columbia Retirement Board said it has committed $100M to an oil and gas fund and approved the commencement of a search process for an active international equity manager, per recently published minutes from its November 21 board meeting.

During the board meeting, the pension ratified the $100M follow-on commitment it made on September 30 to EnCap Energy Capital Fund XII, an upstream oil and gas fund that has since closed with $6.4B in aggregate capital commitments, as reported by Dakota on October 21. Additionally, the retirement board voted unanimously to approve an international equity manager search and is expected to issue an RFP for the mandate.

As of September 30, DC Retirement’s natural resources portfolio follows a policy range of 1% to 3% and currently carries a 2.2% allocation. The policy is part of the real assets umbrella, which overall accounts for 14.5%, or $1.7B, of the pension’s $12B in total assets.