Alternatives
At least three nonprofit organizations have committed to a venture capital manager’s inaugural fund, which recently closed with more than $60 million in commitments.
The retirement system issued an RFI for the services last year and does not currently utilize a dedicated consultant for private markets.
The plan hired one international equity manager and terminated three others at this week’s board meeting.
The West Coast pension system closed on private equity and real estate commitments last month.
The position leads the investment strategy for the endowment’s private investments portfolio, which includes private equity buyout, growth equity, private real estate, private energy and venture capital.
The firm’s oversubscribed inaugural fund will focus on making structured minority investments in well-positioned wealth management firms throughout the U.S.
The fund approved an infrastructure commitment with a new investment manager earlier this month.
The firm will continue to provide private equity and real asset consulting services for the plan following its rehire last week.
The pension plan was notified of seven commitments totaling $2.2 billion at its Dec. 11 board of investments meeting.
The plan committed up to $100 million across two private equity funds this week.