Arkansas Teacher Retirement System, Little Rock, committed up to $60 million total to two private equity funds, said George Hopkins, executive director.
The $14.2 billion pension fund committed up to $30 million each to BVIP Fund VIII, a private equity buyout fund managed by BV Investment Partners, formerly known as Boston Ventures, and NGP Natural Resources XI, a private equity buyout fund managed by NGP Energy Capital Management.
BVIP Fund VIII focuses on U.S. investments with a specialization in information and business services, while NGP Natural Resources XI focuses on the development of crude oil and natural gas.
The pension fund previously committed to BVIP's predecessor fund, BVIP Fund VII, and NGP Energy Capital's predecessor funds, NGP Natural Resources IX and X.
As of April 30, the pension fund had a 9% actual and target allocation to private equity.
Separately, the pension fund is reviewing three Arkansas-based money managers for a new opportunities fund. The size of the allocation and investment strategy is undetermined but the initial allocation could be $100 million, Mr. Hopkins said. The firms being considered are Stephens Inc., Delta Trust & Bank and Circumference Group.
A hiring decision is expected by September. Investment consultant Hewitt EnnisKnupp is assisting.