New Hampshire commits $50m to Paul Capital

The system committed $110m to private equity last year, but has plans to slow its commitment activity in 2013.

The $6 billion New Hampshire Retirement System has committed $50 million to Paul Capital’s Fund X, which is targeting $2 billion for secondary investments.

The commitment was revealed in minutes from the board investment committee’s December meeting, in which it outlined its private equity activity over 2012.

New Hampshire’s system committed $110 million to four private equity funds in 2012, according to the minutes.

The total amount exceeded the system’s 2012 investment plan, which called for $60 million to $80 million in commitments to three of four managers.

Other commitments in 2012 included $20 million each to Coller Capital’s sixth fund and Ironwood Mezzanine Fund III. New Hampshire also committed $20 million to Lighthouse Partners VII.

However, New Hampshire’s commitment pace may slow in 2013 if the system follows its investment plan. The plan calls for New Hampshire to commit $30 million in five to seven commitments in private equity and private debt this year. New Hampshire has a 15 percent target to alternative investments and an actual allocation of 2.5 percent.

Paul Capital launched Fund X last year to acquire interests in funds in North America, Western Europe, Asia-Pacific and Latin America, with a 20 percent exposure limit to emerging market funds in Asia and Latin America.

The firm’s ninth fund closed on $1.65 billion in 2008.