Iowa Municipal Fire & Police Retirement System, West Des Moines, committed $20 million to venture capital fund of funds Industry Ventures Partnership Holdings VII and made follow-on commitments totaling $75 million to two private equity funds of funds.
The $3.1 billion pension fund's board approved the commitments at its Nov. 16 meeting, according to a flash report on its website.
The pension fund previously committed $35 million to Industry Ventures Partnership Holdings VI.
Also, the board approved a follow-on commitment of $45 million to Adams Street Cyclone Fund, a private equity fund of funds managed by Adams Street Partners. The pension fund made a previous follow-on commitment of $45 million in 2022 and originally committed $130 million to the Adams Street fund in 2020.
Also, the board approved a follow-on commitment of $30 million to Siguler Guff Hawkeye Opportunities Fund, a private equity fund of funds managed by Siguler Guff & Co.
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 $725 million 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 26.8%; the target is 18%.
