The current private equity allocation stands at 6.3 percent, well beneath the target allocation of 10 percent, said Portfolio Manager Bradley Stelzer.
During 2010, the $2.7 billion pension fund made one private equity commitment, a $10 million pledge to
The pension started committing to private equity in 2003 to achieve higher returns than those available in the public equity markets.
About two-thirds of its private equity allocation is in buyout funds with the rest mostly in venture capital funds; a small amount is in special situations, distressed and mezzanine vehicles. The pension invests primarily through four fund-of-funds managers:
In 2008, the LP committed $30 million to Adams Street’s global vehicle and $25 million to Pomona Capital’s secondary fund.
Earlier this year the pension hired Wilshire Associates as its investment consultant.