Vermont Pension Investment Committee, Montpelier, committed $150 million to HarbourVest Partners, said Andrew M. Cook, investment analyst at the state treasurer's office, in an email.
The committee, which oversees the investment management of the $4 billion Vermont State Retirement Systems, in January committed $150 million to HarbourVest Partners XI. The committee then decided in February to amend the allocation whereby $125 million will go to fund XI and $25 million to the alternative investment firm's co-investment private equity fund, HarbourVest Partners Co-Investment V.
The committee also invited Strategic Global Advisors and the Boston Co. to present their small-cap strategies at the committee's next meeting March 27. The search for a new small-cap manager to run $100 million was launched in January as part of an overall asset reallocation, said Mr. Cook. A funding source for the small-cap mandate has not yet been determined, said Matt Considine, director of investments, in an email.
Also, the committee decided to reallocate its risk-parity holdings, which made up about 4% of the portfolio, to be split between equities and fixed income.
The committee took the actions on Tuesday.