University of West Florida Foundation Inc., Pensacola, committed $4 million to Portfolio Advisors Secondary Fund IV, a secondary private equity fund of funds.
The $96 million foundation's investment committee approved the commitment at its Nov. 21 meeting, recently released Dec. 4 board meeting minutes show.
The foundation previously committed $5 million to Portfolio Advisors Private Equity Fund X, a private equity fund of funds, earlier in 2019.
As of Sept. 30, the actual allocation to private equity was 3%; the target is 7%.
Foundation officials could not be immediately reached to provide further information.