Institution: Vermont State Retirement Systems
Headquarters: Montpelier, United States
Allocation to alternatives: 12.20%
Vermont State Retirement Systems approved $100 million-worth of private equity commitments to three vehicles across its March and April 2020 investment committee meetings, a contact at the pension confirmed to Private Equity International.
Two vehicles managed by NB Alternatives received the bulk of Vermont State’s capital allocation; with $70 million committed to NB Secondaries Opportunities V and $25 million to NB Strategic Co-Investment Partners IV. The remaining $5 million was committed to Pontifax Global Food & Agriculture Technology Fund II as a top-up commitment, bringing the pension’s total investment in the fund to $30 million following its initial $25 million commitment in October 2019.
The $4.58 billion US public pension has a 10.0 percent target allocation to private equity that currently stands at 3.60 percent.
As illustrated below, Vermont State’s five previous private equity commitments have comprised of two co-investment vehicles, with one commitment each singled out for funds with buyout, growth and secondaries strategies.
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