Iowa Municipal Fire & Police Retirement System, West Des Moines, committed $65 million to two alternatives funds and made a follow-on commitment of $30 million to a private equity fund of funds, confirmed Dan Cassady, executive director of the $3 billion pension plan.
At its Feb. 25 meeting, the board agreed to commit $35 million to Industry Ventures Partnership Holdings VI, a venture capital fund of funds.
At its Jan. 7 meeting, the board agreed to commit $30 million to Bain Capital Credit Global Direct Lending 2020, a direct lending fund. It also voted to make a follow-on commitment of $30 million to the Siguler Guff Hawkeye Opportunities Fund, a private equity fund of funds.
The Siguler Guff Hawkeye fund is a separate account set up solely for the Iowa municipal system in 2011 as a fund of funds investing globally. The retirement system had $520 million in the fund as of Dec. 31.
The retirement system's investment consulting firm, Marquette Associates, recommended the commitments, which are subject to successful contract negotiations and due diligence.