New Hampshire Retirement System, Concord, committed $50 million to a private credit fund and renewed a U.S. small-cap equity manager's contract, a spokeswoman confirmed.
The $12.8 billion pension fund's independent investment committee approved the commitment to Comvest Credit Partners VII, managed by Comvest Partners, an existing relationship to the pension fund, the spokeswoman wrote in an email.
The commitment was announced at the committee meeting April 8.
The committee also approved renewing U.S. small-cap equity manager Boston Trust Walden's contract for five years. The manager runs $263 million in the strategy, or 2.1% of total pension fund assets. The renewal started April 8.
The committee also terminated a $174 million Lazard international strategic equity mandate “due to sustained underperformance,” the spokesman wrote. The fund was part of the pension fund’s core non-U.S. equity component. A Lazard representative could not be reached immediately for comment.
The funds will be reallocated to a BlackRock index fund benchmarked to the MSCI ACWI ex-U.S. index. The BlackRock allocation is an existing relationship, and it also is part of the core non-U.S. equity component. This fund accounted for $210 million in pension fund's assets as of Feb. 28.
