Hawaii Employees' Retirement System, Honolulu, could commit between $250 million and $350 million to six to 10 private equity funds in 2015 as part of the pension fund's multiyear expansion of its private equity portfolio, said Vijoy Chattergy, chief investment officer.
The $13.9 billion pension fund has a 7% long-term target allocation to private equity and a current allocation around 4%.
Interested managers can contact the pension fund's private equity consultant, Hamilton Lane, Mr. Chattergy said.
Hamilton Lane is allowed to make discretionary commitments for the pension fund within specific guidelines and criteria.
In 2015, Hamilton Lane will focus on building the pension fund's exposure to buyout, credit and energy and venture capital, Mr. Chattergy said.
In terms of geography, Hamilton Lane will focus on increasing the pension fund's North American exposure, diversifying more to Europe and selectively in emerging markets. Secondary investments will be considered on an opportunistic basis.
Separately, the pension returned -1.1% for quarter ended Sept. 30, slightly below its benchmark of -0.8%, Mr. Chattergy said.
For the year ended Sept. 30, the pension fund matched its benchmark return of 10.8%.