California pension fund Ventura County Employees Retirement Association (VCERA) has committed $60 million to HarbourVest Partners ' Dover Street IX and the same to Adams Street Partners ' 2016 Global Fund, Secondaries Investor reports .
VCERA is an existing investor with both managers, having invested $67.5 million in HarbourVest's Dover Street VIII in 2013, and $75 million to Adams Street 2013 Global Fund.
HarbourVest's ninth secondaries fund has a $3.6 billion target and $4.25 billion hard-cap. The fund, launched in 2015, closed on an undisclosed amount in December. It intends to invest through buyout, growth equity and venture capital funds in the US, Europe and the Asia Pacific.
Dover IX is expected to make approximately 25 to 40 investments between $75 million and $150 million, with no one investment exceeding 20 percent of committed capital. It has an annual management fee of 0.75 percent on committed capital for the life of the fund, a preferred return of 8 percent compounded annually and carried interest of 12.5 percent, according to a letter of recommendation from consulting firm NEPC to VCERA.