The $10 billion
“As far as the target allocations for the next several years, we will be addressing the denominator effect and its impact on our commitment pacing in the report,” says June. He adds that as of Sept. 30, the state pension fund was close to its target for private equity of 3.5%, or $375 million.
In August, June said that he wanted to gain board approval to double the target allocation to private equity over the next five years and that such a move would likely include expanding the state’s exposure to non-U.S. private equity in 2009. Thus, a recommendation to commit to non-U.S. private equity will likely be suggested in the upcoming report.
“We want to commit no less than $115 million annually,” he says.
June declined to disclose commitments made this year. but funds that the limited partner backed in 2007 include Battery Ventures VIII, Eos Capital Partners IV, Green Equity Investors V, Kelso Investment Associates VIII, KKR 2006 Fund, Oak Hill Capital Partners III, Thomas H. Lee Equity Fund VI and Warburg Pincus Private Equity X.
HarbourVest exceeds goal of secondary fund
HarbourVest Partners closed Dover Street VI in 2005 with $625 million.
The Boston-based funds of funds manager buys holdings in existing venture capital, buyout and other private equity funds in small to mid-market partnerships, as well as portfolios of operating companies worldwide.
The Virginia Retirement System recently re-upped with HarbourVest to commit $30 million to Dover Street VII. Other backers include the Foreign and Colonial Investment Trust ($75 million); the Pennsylvania State Employees’ Retirement System ($30 million); the Montana Board of Investments ($20 million); and the Health Care Foundation of Greater Kansas City ($4 million). —Nancy Gordon