HarbourVest scores $225m from NYSTRS

The $76bn New York State Teachers' Retirement System also renewed its contract with StepStone Group to work as its private equity consultant.

HarbourVest Partners and StepStone Group were big winners this week with the New York State Teachers’ Retirement System.

NYSTRS committed a total of $225 million to two HarbourVest funds – with $125 million going to the HarbourVest/NYSTRS Co-Invest Fund, $100 million in HIPEP Select Asia Fund.

The commitments are subject to final due diligence, and if they are approved, they will hike the pension’s total commitment amount with HarbourVest to about $1 billion across several funds.

NYSTRS also renewed a one-year contract for StepStone Group to work as the system’s private equity consultant.

NYSTRS has been searching for an assistant manager of private equity to join the pension’s five-member team. Earlier this year, the pension promoted Dhvani Shah to the newly created executive level position of managing director of private equity.