North Carolina Retirement Systems, Raleigh, committed $1.25 billion to Landmark Partners for a private equity and inflation-sensitive separate account with multiple sleeves.
Stephanie Hawco, a spokeswoman for state Treasurer Dale Folwell, the sole trustee of the pension system, said some sleeves invest alongside commingled Landmark funds and others are specific to North Carolina.
"It is as if commitments were made to six vehicles," Ms. Hawco said in an email.
In private equity, the commitments are $300 million to Landmark Equity Partners XVI, $300 million to Landmark Equity Partners XVI Opportunities, and $200 million to Landmark Equity Partners XVI Overflow.
In inflation sensitive, they are $250 million to Landmark Real Assets Fund II, $125 million to Landmark Real Estate Partners VIII, and $75 million to Landmark Real Estate Partners VIII Overflow.
Private equity and inflation-sensitive each have a target allocation of 6%. As of March 31, the actual allocations were 5% for private equity and 6.1% for inflation-sensitive.
Landmark's strategy as a secondary fund manager is to buy pre-existing investor commitments to private equity and other alternative investment funds.
The Landmark Equity Partners XVI Opportunities vehicle may explore individual companies, but it is expected to substantially be pre-existing investor fund commitments. The investments within Landmark Equity Partners XVI Opportunities require approval from the Legislature, but the others do not.
Last November, Mr. Folwell launched an initiative to handle passive investing in public equities in-house, which should be completed this fall. Landmark is the first external commitment made in 2018.
