Vermont Pension Investment Committee, Montpelier, committed $25 million to NB Strategic Co-Investment Partners IV for the $4.2 billion Vermont State Retirement Systems.
The committee approved the commitment to the buyout fund managed by Neuberger Berman at its March 24 meeting, said Eric Henry, chief investment officer, in an email.
Separately, the committee at the meeting approved increasing its targets to core fixed income to 20% from 14% and private debt to 10% from 5%, funded by the elimination of its targets of 6% to core plus fixed income and 5% to short-duration government/credit fixed income.
There are no current plans to terminate any fixed-income managers, Mr. Henry said.
Targets that remain unchanged are: 24% passive global equities; 10% private equity; 5% each, active global equities, core real estate, and international developed equities; 4% each, domestic large-cap equities and emerging markets debt; 3% each, small/midcap equities, non-core real estate and U.S. Treasury inflation-protected securities; and 2% each infrastructure/farmland and international small-cap equities.
Investment consultant NEPC assisted with both the buyout commitment and asset allocation review.