Ventura County (Calif.) Employees' Retirement Association made a follow-on commitment of $50 million to HarbourVest Real Assets Fund IV, a diversified real assets fund managed by HarbourVest Partners, Chief Investment Officer Dan Gallagher said in an email.
The $5.7 billion pension fund originally committed $50 million to Real Assets Fund IV in July. It was VCERA's first commitment to a diversified real assets fund.
The HarbourVest fund invests opportunistically across infrastructure, energy, natural resources and power.
VCERA has made multiple commitments to various HarbourVest private equity funds, most recently committing $40 million to HarbourVest's Dover Street X, a secondary private equity fund of funds, in April.
As of June 30, the pension fund's actual allocation to real assets was 8%; the target is 10%.
Investment consultant NEPC assisted.