Alaska Retirement Management Board, Juneau, committed a total of $91.8 million to five private equity funds, materials prepared for the Thursday board meeting show.
Four commitments were made on behalf of the board through its private equity gatekeeper Pathway Capital Management. Pathway has discretion to make investments in private equity funds on the board’s behalf.
The commitments were:
- $20 million to New Enterprise Associates 15, a venture capital fund that targets investments in information technology and software companies mostly in the U.S.;
- $9.5 million to Fortissimo Capital IV, a special situation fund that will invest in “product-centric technology and technology-enabled industrial companies primarily in Israel,” according to the meeting materials.
- $8 million to Insight Venture Partners IX, a special situation fund that focuses on growth-oriented software and software-related companies; and
- $4.3 million to Baring Asia Private Equity Fund VI, a middle-market buyout fund that targets companies in the pan-Asia region and is managed by Baring Private Equity Asia.
Separately, Gary Bader, the board’s chief investment officer, committed $50 million to Lexington Capital Partners VIII, a secondary private equity fund managed by Lexington Partners. Mr. Bader has discretion to commit up to $100 million each to new investment funds.
The board, which oversees more than $28 billion in retirement assets, has a 10% long-term target allocation to private equity.