The growth equity firm’s third fund was oversubscribed.
The pension plan made a $24 million commitment to an existing real estate manager relationship in October.
The board replaced its international large-cap value equity manager in October due to underperformance.
The executive director will leave on Jan. 6 after three years in the position.
The pension plan made two commitments with existing manager relationships last month.
PFM Asset Management currently provides investment advisory services for the city’s investment funds.
The commitments were part of a 2025 private equity recommendation from general investment consultant Marquette Associates.
The fund hit its $2.3 billion hard cap in six months.
The pension plan has worked with incumbent Atéssa Benefits since 2015.
The direct lending fund exceeded its initial fundraising target.