Ventura County (Calif.) Employees’ Retirement Association committed $135 million total to three private equity funds, as recommended by investment consultant NEPC, confirmed Daniel Gallagher, chief investment officer.
The roughly $4.4 billion pension fund committed $60 million each to Harbourvest Partners’ Dover Street IX, a secondary fund of funds, and Adams Street Partners’ 2016 Global Fund, also a fund of funds.
Additionally, the pension fund committed $15 million to Drive Capital Fund II, a venture capital fund.
The pension fund has previously committed to other Harbourvest and Adams Street funds. Drive Capital is a new relationship and marks the pension fund’s first direct private equity fund investment.
The pension fund has a 10% private equity target.