Baton Rouge (La.) & Parish of East Baton Rouge Employees’ Retirement System committed $12.5 million to Top Tier Venture Velocity Fund, a venture capital fund of funds, said Jeffrey Yates, retirement administrator.
It is the $1.1 billion pension fund’s first commitment to a fund managed by Top Tier Capital Partners, Mr. Yates said.
Investment consultant Summit Strategies Group assisted.
The pension fund’s target allocation to private markets is 5%. As of March 31, the actual allocation was 0.69%.