Iowa Municipal Fire & Police Retirement System, West Des Moines, approved two alternative fund follow-on commitments totaling $75 million.
The $2.9 billion pension fund's board at its Nov. 17 meeting approved a follow-on commitment of $45 million to Adams Street Cyclone Fund, a private equity fund of funds managed by Adams Street Partners, and a follow-on commitment of $30 million to Siguler Guff Hawkeye Opportunities Fund, a private equity fund of funds managed by Siguler Guff & Co., a flash report posted on its website shows.
The pension fund originally committed $130 million to Adams Street Cyclone Fund in 2020. The Siguler Guff Hawkeye fund is a customized separate account set up solely for the Iowa municipal pension system in 2011 as a fund of funds investing globally. As of Sept. 30, the pension fund had made a total of $550 in commitments to the fund, according to its most recent investment report.
As of Sept. 30, the pension fund's actual allocation to private equity was 26.3%; the target is 18%.
Investment consultant Marquette Associates assisted.
Carlton Chin, chief investment officer, could not be immediately reached for further information.