Pittsburgh Pension Trust Invests $20 Million in African American-Owned Brightwood Capital for Diversity in Management

Pittsburgh’s Comprehensive Municipal Pension Trust Fund (CMPTF) has earmarked $20 million to Brightwood Capital Fund V for private credit investment management, signaling an increased emphasis on diversity among investment managers. This move supports the city’s broader commitment to economic inclusivity, a focus championed by Mayor Ed Gainey. According to the City of Pittsburgh announcement, Brightwood Capital, an African American-owned firm, alongside its investment counterpart, Partners Group, raised the CMPTF’s Minority, Women, and Disadvantaged Business Enterprise (MWDBE) utilization to over thirty percent, a significant rise from the previous year’s zero percent. Mayor Gainey expressed his support for the initiative, stating, “Not only am excited to extend this opportunity to Brightwood Capital, but I am excited about what it signifies for us as a city,” in a release published by the City of Pittsburgh. The selection of diverse firms like Brightwood aligns with Pittsburgh’s focus on inclusivity in its business dealings. The CMPTF’s board received ten proposals, ultimately approving both Brightwood Capital and Partners Group to manage the city’s pension funds’ private credit investments. Brightwood was chosen based on its proven track record and transparent investment strategy, while Partners Group was selected for its high-performance rates and competitive fees. Brightwood has been...