The $1.8 billion pension fund's board approved the additional commitment at its board meeting Monday, said Carl Nelson, executive director.
The pension fund originally hired HarbourVest in 2021 as discretionary manager of its private equity, private credit and infrastructure asset classes. The initial commitment to the fund of one was $770 million, of which $350 million was allocated to private equity.
The additional commitment will bring the total allocated to private equity to $500 million.
Staff and investment consultant Verus Advisory recommended the additional funds in order to achieve the pension fund's long-term target of 18% to private equity.
As of Jan. 31, the pension fund's actual allocation to private equity was 9.4%.