Iowa Municipal Fire & Police Retirement System, West Des Moines, committed $15 million to Top Tier Venture Velocity Prime Fund.
The $3.1 billion pension fund's board approved the commitment to the venture capital fund managed by Top Tier Capital Partners at its June 24 meeting, said Carlton Chin, chief investment officer, in an email.
The pension fund previously committed $30 million to Top Tier Velocity Venture Fund 4 in 2021.
As of March 31, the pension fund's actual allocation to illiquid investments was 30.7%; the target is 22%..
Investment consultant Marquette Associates assisted.