Dallas-Fort Worth International Airport Retirement System has committed $10 million to Permal Capital Management‘s secondaries fund, Permal Private Equity Opportunities V, according to June board minutes from the pension plan.
The pension’s board previously invested $5 million in Permal Private Equity Opportunities IV, which launched in 2010 and closed with $403 million, ahead of its initial $350 million target. The fund’s net internal rate of return is currently 24.1 percent.
The board noted in its minutes that this investment will allow further diversification of its portfolio while investing in a firm with a proven track record.
Permal Private Equity Opportunities V has a $450 million target and a $500 million hard-cap. The GP also plans to commit an additional $5 million to the fund.
Like its predecessor, the new fund’s management fee is 1.25 percent of commitments with an 8 percent hurdle rate.
The Boston-based firm will invest the new fund in secondaries interests in buyout and venture capital funds.
Permal held a first close on Permal Private Equity Opportunities V in November with $178 million, according to a Securities and Exchange Commission regulatory filing.
Permal is led by president and chief executive office Red Barrett.
Louisiana Municipal Police Employees’ Retirement System considered committing to Permal Private Equity Opportunities V in June as its first investment in a secondaries strategy, but instead ended up committing $15 million to Coller International Partners VII.
Permal declined to comment. The Dallas-Fort Worth International Airport Retirement System was not immediately available for comment.
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