Alaska Retirement Management Board, Juneau, committed $25 million to venture capital fund Battery Ventures XIV.
The board's investment staff completed the direct commitment on Feb. 22, according to a report from CIO Zachary A. Hanna included with board materials for its upcoming March 17-18 meeting.
In 2020, Abbott Capital Management, one of the board's two discretionary private equity managers, committed $6 million to Battery Ventures XIII and $4 million to Battery Ventures XIII Side Fund.
The board oversees the management of $42.2 billion in defined benefit and defined contribution plan assets, including the $24.2 billion Public Employees' Retirement System and $11.4 billion Teachers' Retirement System.
The defined benefit plan's target allocation to private equity is 14%.
