Arizona State Retirement System, Phoenix, committed $50 million to Veritas Capital Fund V, a middle-market private equity fund managed by Veritas Capital Fund Management, investment committee meeting materials said.
The $34 billion pension fund also committed $40 million to Friedman Fleischer & Lowe Capital Partners IV, a growth-oriented middle-market private equity fund.
Separately, the pension fund is undertaking an asset allocation policy study that should be completed in the fourth quarter, the meeting materials said. The pension fund's previous study was completed in May 2012.
The pension fund's current targets are 33% domestic equities, 23% international equities, 18% domestic fixed income, 8% real estate, 7% private equity, 4% each commodities and emerging markets debt, and 3% private debt.
As of March 31, the actual allocation was 34.3% domestic equities, 24% international equities, 13.8% domestic fixed income, 6% real estate, 5.9% private equity, 3.5% commodities, 2.7% private debt, 2.6% emerging markets debt, 2.5% opportunistic debt, 2.1% cash, 1.4% equity risk factor portfolio, 0.9% opportunistic equities, and 0.3% farmland and timber.
Investment consultant NEPC is assisting.
Gary Dokes, chief investment officer, did not return a phone call seeking further information by press time.
