Searches and Hires

North Dakota pledges $80 million to private equity funds of funds

North Dakota State Investment Board, Bismarck, made two private equity fund-of-funds commitments totaling $80 million, said David Hunter, executive director and chief investment officer of the North Dakota Retirement and Investment Office, in an email.

The board committed $65 million to Adams Street Partners' 2018 Global Fund and a follow-on commitment of $15 million to a BlackRock (BLK) Private Equity Partners fund. The board previously committed $60 million to Adams Street Partners' 2017 Global Fund in 2017 and $100 million to BlackRock in 2016.

The retirement and investment office oversees the $13.7 billion investment board, which includes the $5.7 billion pension trust and $2.2 billion insurance trust. As of June 30, the allocation to private equity in the pension trust was 3.3%; the target is 6.5%.