Hawaii Employees commits $35 million to venture capital fund of funds

Hawaii Employees’ Retirement System, Honolulu, committed up to $35 million to Stafford HiTip Fund II, Stafford Capital Partners’ second venture capital fund of funds, said Vijoy Chattergy, chief investment officer of the pension fund, in an email.

The pension fund previously committed $25 million to predecessor fund HiTIP Fund I in 2009.

The Hawaii Targeted Investment Program invests in local venture capital firms or firms that have or aim to have some of their portfolio companies based in Hawaii, according to a news release from the $15 billion pension fund. Including capital from co-investors, $134 million has been invested in Hawaii-based companies through HiTIP I.