El Paso doubles Portfolio Advisors commitment

The Texas pension fund has committed an additional $15m to the fund of funds manager's third secondaries fund.

El Paso City Employees’ Pension Fund has doubled its exposure to Portfolio Advisors‘ third secondaries fund, committing an additional $15 million, the fund’s January board minutes show.

The Texan pension first invested $15 million in the fund, which launched in October 2015, in summer 2016. Late last year El Paso raised its target allocation to private equity to 10 percent from 7 percent, according to the minutes, prompting it to increase its exposure to Portfolio Advisors Secondary Fund III (PASF III).

In August, Secondaries Investor reported that PASF III had raised $400 million of its $1 billion target.

Previous El Paso documents show that the Connecticut-based fund of funds manager increased its management fee to 1.25 percent from 1 percent in the first half of last year.

The most recent full year financial report shows that the pension fund had $35.2 million committed to private equity managers as of 31 August 2015, based on a 7 percent allocation.

Portfolio Advisors closed its eighth flagship fund of funds, Portfolio Advisors Private Equity Fund VIII, on $1.2 billion in April, according to PEI data.