Connecticut backs HarbourVest funds, considers Hollyport investment

State Treasurer Shawn Wooden said that the commitments were in line with Connecticut's pacing plan

State of Connecticut Retirement Plans and Trust Funds (CRPTF) committed up to $150 million to two HarbourVest Partners funds at its December meeting, according to a press release.

The $37 billion system invested $100 million to HarbourVest’s Dover Street X, which is targeting $6.5 billion, according to data from sister site Private Equity International. The fund focuses on secondaries investments in the consumer goods, biotech, life sciences, clean tech, healthcare, TMT, renewable, industrials and diversified industries in North America.

Nebraska Investment Council and State of Michigan Retirement System backed Dover Street X last year, Buyouts reported.

Connecticut committed $50 million to HarbourVest’s Secondary Overflow Fund IV. No additional information on Overflow Fund IV was available. HarbourVest declined to comment.

“We continue to make commitments in line with pacing plans established for our private market asset classes in a way that diversifies the portfolio and lowers our risk profile,” State Treasurer Shawn Wooden said in the press release.

Connecticut Treasury is also considering a potential $75 million investment to Hollyport Capital’s Secondary Opportunities Fund VII, targeting $750 million on a $1 billion hard cap, according to a recommendation report from the meeting.

Founded in 2006, the firm focuses on “acquiring minority stakes in private equity funds and indirect interests in underlying portfolio companies,” according to the press release.

Hollyport’s five previous funds have raised $904 million in committed capital and has invested $1.1 billion, meeting documents show. Fund VI reached its $500 million hard cap in 2017, according to Secondaries Investor.

Connecticut closed on its $100 million commitment to JF Lehman’s Equity Investor V fund in December, according to the press release. Connecticut previously invested a combined $124 million to Funds III and IV, according to Private Equity International.

Action item: Check out Connecticut’s Investment Advisory Council agenda here.