The Independent Investment Committee of the New Hampshire Retirement System, Concord, has approved a $100 million private equity commitment to the H.I.G. Advantage Buyout II, managed by H.I.G. Capital.
Half of the commitment will be for Fund II and the other half for a co-investment sidecar for Fund II, Marty Karlon, a spokesman for the committee and the retirement system, said in an email.
The H.I.G. commitment, approved by the committee at its Feb. 13 meeting, is a new relationship. The fund will focus on the middle-market buyout sector, Karlon added.
In addition, the committee approved a pacing plan for private equity and private credit for the fiscal year starting July 1, with a new-commitment target of $400 million for private credit and $200 million for private equity. "There are no specific dates or specific commitments planned," Karlon explained.
For the fiscal year ended June 30, private equity commitments were $2.44 billion and private credit commitments were $1.25 billion. The committee also reported a net return of 4.26% for the six months ended Dec. 31, the first half of the $11.8 billion pension system's fiscal year. The benchmark was 5.11%.
