State of Iowa Board of Regents raised its commitment to NB Crossroads Fund XX to $12.5 million for the $375 million University of Iowa endowment fund, said an Aug. 6 board report confirmed by Patrice M. Sayre, chief business officer.
The board’s initial commitment to the private equity fund run by Neuberger Berman, approved in 2012, was $5 million, the report said.
Wilshire Associates, the board’s investment consultant, recommended the increased commitment to bring the endowment fund closer to its 10% target allocation. Its actual allocation, based on private equity market values as of March 31, was 4.8%, the report said.
The board oversees the endowment fund.