IPERS confirms 2020 PE plans

The US public pension will commit $700m to its PE manager Pathway to keep up with its long-term target.

Institution: Iowa Public Employees’ Retirement System
Headquarters: Des Moines, United States
AUM: $34.86bn
Allocation to alternatives: 22.10%
Bitesize: $50-100m

Iowa Public Employees’ Retirement System has approved its private equity portfolio plans for calendar year 2020, according to documents seen by Private Equity International. The pension is intending on committing an additional $700 million to the asset class in order to maintain its long-term target exposure.

The $34.86 billion US public pension has a target allocation of 11.0 percent to private equity which stood at 13.96 percent as of November 2019.

IPERS’ $700 million commitment will be made in whole to Pathway Private Equity Fund XXV: a fund-of-one managed by Pathway Capital Management with IPERS as the sole limited partner. The fund was valued at $4.9 billion as of September 2019, with the aforementioned $700 million commitment increasing the fund’s size to $5.6 billion by the end of 2020.

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