The Virginia Retirement System has committed $200 million to a HarbourVest Partners co-investment vehicle, according to a spokesperson.
When asked if HarbourVest will manage the vehicle exclusively or if retirement system staff would contribute to investment decisions, the spokesperson said it would be “a combination of both”. The system is seeking a senior investment officer to develop the retirement system’s co-investment portfolio, according to a 10 January posting on Virginia’s state employment website.
“The primary responsibility will be for management, oversight, direction and administration of the private equity co-investment portfolio and to provide assistance with partnership investments,” according to a job description. “The position also has design and managerial input in developing a total dollar target for the program and the allocation of assets by sub-class and geographic location.”
The position has not been filled.
In addition to the HarbourVest co-investment vehicle, Virginia also announced a $24 million re-up to Abry Senior Equity IV, which is targeting $950 million for investments in the media, communications, information and business services industries.
The retirement system also has formalised a new relationship with a $75 million commitment to Quad-C Management, which is targeting $700 million for Quad-C Partners VIII. Quad-C typically invests in mid-market companies in the building products, business services, consumer, healthcare, light industrial, packaging, specialty chemicals, specialty distributions, transportation and logistics industries, according to the firm’s website.
Virginia’s $4.7 billion private equity portfolio generated a 14.4 percent return last year, according to retirement system documents. The retirement system has an 8.4 percent allocation to the asset class as of 31 December.