Searches and Hires

Ventura County pledges $40 million to secondary fund of funds

Ventura County (Calif.) Employees' Retirement Association committed $40 million to HarbourVest Partners' Dover Street X, a secondary private equity fund of funds, Daniel Gallagher, chief investment officer, said in an email.

The $5.6 billion pension fund previously committed $60 million to Dover Street IX in 2016.

As of March 31, the pension fund's actual allocation to private equity was 6.6%; the target is 10%.

Separately, the board at its meeting on Monday approved the 2019 private equity annual plan, which calls for commitments totaling about $230 million.

Abbott Capital Management, the pension fund's private equity consultant and discretionary separate account manager, is currently in active due diligence on three venture capital and growth equity funds and two buyout and special situation funds, according to board meeting materials. The fund names were not disclosed. Abbott assists on all private equity commitments.

The plan also calls for $150 million in commitments in each of the next following five years to reach its target allocation.