The Nebraska Investment Council is planning to commit between $140 million and $160 million to private equity this year, state investment officer Jeff States told Private Equity International.
Nebraska will make around six commitments this year, and will likely average between $20 million and $25 million in size, he said.
“As of today, I would expect at least four of those six would be re-ups. We have a lot of GPs that are back on the market with new funds,” States said, adding that the Council has not determined what funds will receive re-ups.
“The primary focus will continue to be middle market buyout and growth. Some of that, principally US based, but we’re still looking … for what funds that are available to give us more global [exposure],” States said.
More specifically, Nebraska investment staff started laying the groundwork for possible commitments to Asia-focused funds, States said. Asia fund strategies Nebraska may pursue include direct private equity, country-focused vehicles and fund of funds.
“Through various commitments we already have, we have exposure in Europe, and we want to at least explore the funds that may become available in Asia,” he said.
The Nebraska State Investment Council manages $17.6 billion in retirement system and endowment assets, according to its website. Last year, the Council approved commitments to Beecken Petty O’Keefe Fund IV, Dover Street VIII, Accel-KKR Capital Partners IV and New Mountain Partners III.