Vermont Pension Investment Committee, Montpelier, is committing $50 million to HarbourVest Fund Partners X, a private equity fund of funds, said Stephen Rauh, chairman of the committee, in an e-mail.
The committee, which oversees the $3.9 billion Vermont State Retirement Systems, gave final approval to the commitment at its meeting Tuesday. The committee had previously given preliminary approval at its March 31 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 on Tuesday modified a previous decision made at its Dec. 23 meeting to hire GAM USA to run a $260 million unconstrained fixed-income portfolio.
The decision at the time to award GAM the entire portfolio previously run by Pacific Investment Management Co. was a result of the departure of PIMCO's co-founder and chief investment officer William H. Gross in September.
GAM USA will still run $160 million of the portfolio, but PIMCO will keep $100 million.
Mr. Rauh wrote that the decision was based on the committee's “growing confidence that the organizational issues at PIMCO have largely been resolved and that PIMCO remains a very deeply staffed and capable investment management organization,” and “there are significant differences in the risk factors driving performance of these two products.”