Ventura County Employees commits $35 million to HarbourVest fund

Ventura County (Calif.) Employees' Retirement Association committed up to $35 million to HarbourVest Partners Co-Investment Fund V, a pension fund spokesman said.

The $5.4 billion pension fund previously committed $30 million to buyout fund HarbourVest Co-Investment Fund IV in 2017.

As of March 31, the private equity allocation was 4.9%.

Separately, the pension fund's board at its meeting Monday approved changes in its target allocation and approved the development of a timeline to implement those changes.

Within its 63% overall equity target, the pension fund will create a new 3% target to international small-cap equities (unhedged) and reduce targets to domestic large-cap equities to 23% from 25% and international equities (unhedged) to 11% from 12%. Equity targets that will remain unchanged are 10% each global equity and private equity, and 3% each domestic small-cap equities and emerging markets equities.

The total fixed-income target will drop to 19% from 20%. Within the target, the pension fund will create a 3% private debt target and reduce targets to core fixed income to 7% from 10% and absolute-return fixed income to 7% from 8%. The 2% U.S. Treasuries target will remain unchanged.

The total real assets target will rise to 18% from 17%. Within the total target, a real assets 10% target will replace the 10% liquid alternatives target and the pension fund will create a 2% non-core real estate target and drop core real estate to 6% from 7%.

As of March 31, the actual allocation was 32.8% domestic equities, 17.7% domestic fixed income, 16.8% international equities, 11.2% global equities, 8% liquid alternatives, 7.7% real estate. 4.9% private equity, and the rest in overlay assets.

Investment consultant NEPC assists with allocation changes.