Indiana Public Retirement System committed a total of $925 million to five alternative asset managers, from the system's $39.5 billion defined benefit plan in November and December, an investment report presented to trustees at a Feb. 24 board meeting showed.
Investment officers at the Indianapolis-based system committed a total of $700 million to three managers from the system's $6.6 billion private markets portfolio.
The largest commitment from the portfolio was $300 million to HarbourVest Partners Custom Fund-of-One. Portfolio managers of the separately managed fund's portfolio will target early stage venture capital.
INPRS committed $250 million to HPS Brickyard SMA, a new fund for INPRS. The separately managed account is run by existing manager HPS Investment Partners.
An INPRS spokesman said in an email that $200 million of the new HPS fund's $250 commitment will invest alongside the system's existing HPS Brickyard Direct Lending Fund, also a separately managed account.
The existing HPS fund managed $111.4 million as of Jan. 31, according to the investment report.
INPRS committed $150 million to Hellman & Friedman Capital Partners XI, which has a transatlantic focus and seeks to make primarily control investments in high-quality businesses.
INPRS' target allocation to private markets is 15% compared to an actual 16.6% of plan assets as of Jan. 31.
INPRS' investment team committed a total of $225 million to two managers from the system's $2.7 billion real assets portfolio with $150 million going to H.I.G. Infrastructure Fund, managed by H.I.G. Capital. The fund managers' focus is on middle market, value-add/core-plus infrastructure investments in the Americas and Europe.
Carlyle Group's Carlyle Europe Realty Fund II received a $75 million commitment for European opportunistic real estate investments.
INPRS' defined benefit plan's target allocation to real assets is 10% of total assets, while the actual allocation was 6.8% of plan assets as of Jan. 31.
From the system's $2.7 billion absolute return portfolio, INPRS' investment team redeemed $81 million from Aeolus Property Catastrophe Keystone PF Fund, managed by Aeolus Capital Management.
The INPRS report did not say why the Aeolus fund was terminated.
INPRS' absolute return portfolio totaled $2.7 billion as of Jan. 31. The target allocation for the portfolio was 5% while the actual percentage of plan assets was 6.9% as of Jan. 31, the investment report showed.