Vermont Pension Investment Committee, Montpelier, gave preliminary approval to a $50 million commitment to HarbourVest Partners X, a private equity fund of funds, said Stephen Rauh, chairman of the committee, in an e-mail.
The committee, which oversees the investments of the $4 billion Vermont State Retirement Systems, will make a final decision after its April 21 meeting.
Most recently, the committee committed $10 million to HarbourVest International Private Equity Partners VII in May 2012, followed by another $5 million in March 2014.
Separately, the committee completed an annual asset allocation review process. The target to global asset allocation was reduced to 8% from 12%, and commodities was reduced to 3% from 4%. Targets to public fixed income and public equities were increased to 35.5% from 33%, and 34% from 31.5%, respectively.
The commodities target was changed to reflect recent losses in market value. Mr. Rauh also said Wellington Management was terminated from a $160 million opportunistic GAA portfolio due to the target decrease, and added that Wellington still manages three other portfolios for the retirement system: a $200 million emerging markets debt portfolio, a $100 million portable alpha portfolio and an $80 million active domestic small-cap equity portfolio. How the GAA funds will specifically be reallocated has yet to be determined.
