After a review of its private equity commitment pacing schedule in September, the NDSIB recently made the commitment to the money manager's 2019 Global Fund, said David Hunter, executive director and CIO of the North Dakota Retirement and Investment Office, in an email.
Adams Street Partners is NDSIB's longest serving private equity manager, having been hired in 1989, Mr. Hunter said. Since 2015, North Dakota SIB has committed $250 million in private equity investments to Adams Street Partners within its $6 billion pension trust fund, which includes its recent $65 million commitment, he said.
Private equity commitments are generally funded on a pro-rata basis from the $3 billion public equity portfolio within the NDSIB Pension Pool.
"The latest net asset value of our Adams Street Partners investments approximates $92 million with a net internal rate of return since inception of over 11%," he said.
As of its Aug. 23 state investment board meeting, the pension trust was underweighted in its private equity target allocation by $172 million, according to minutes published on NDSIB's website.