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FUNDRAISING NEWS | February 06, 2025
The City of Philadelphia Board of Pensions and Retirement allocated $55M to EIV Capital Partners Fund V, and has retained Northern Trust as custodian bank in the conclusion of its search.
According to minutes from its December 12, 2024, board meeting, the city pension approved a $35 million commitment to the EIV Fund, along with an additional $20 million for its co-investment/SMA feature. The investment, recommended by staff and general consultant Marquette, marks the pension’s latest in the buyout series, following a $25 million commitment to EIV Fund III in 2017 and $20 million to Fund II in 2013, according to Dakota data.
The pension finalized its custodian bank search, unanimously selecting Northern Trust for global custodial banking services. Staff reviewed three RFP respondents, including State Street and US Bank, before presenting them to the board for the final decision.
To date, the Pennsylvania-based pension manages approximately $8.6B in aggregate AUM.
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