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New Hampshire commits $75 mln to secondaries strategies

  • AUM: $8.4 bln
  • PE Allocation: 10.3 pct
  • Whom to contact: Marty Karlon,  marty.karlon@nhrs.org
  • Why this is important: The system has reached its PE target range with April’s commitments

New Hampshire Retirement System at its April meeting pledged $75 million to secondaries strategies in private equity and venture, the system’s public information officer, Marty Karlon, told Buyouts.

The system’s independent investment committee pledged $25 million to Top Tier Capital Partners’ Venture Velocity Fund III, focused on secondary purchases and co-investments. New Hampshire committed $20 million to Velocity Fund I in September 2014 and $25 million to the second fund in February 2017, Karlon said.

The board also committed $50 million to HarbourVest Partners’ Dover Street X fund, which focuses on the secondaries market. The fund has a target of $5.75 billion, Buyouts reported.

The state committed $50 million to HarbourVest’s eighth Dover Street fund in February 2013 and $50 million to its ninth fund in November 2015.

Pension documents showed NHRS will commit $50 million to $75 million to PE in 2019, Buyouts reported.

PE allocation for New Hampshire sits at 10.3 percent and the system’s portfolio produced an internal rate of return of 11.58 percent since it was formed, as of Dec. 31, 2018, per Buyouts.