North Dakota’s State Investment Board, which oversees more than $22 billion in public investment funds for the state, committed a total of $110 million to Horsley Bridge Partners and Peak Rock Capital for private equity allocations.
SIB’s investment committee, at a Sept. 13 meeting, approved commitments of $60 million to San Francisco-based Horsley Bridge’s latest growth equity fund of funds vehicle, Horsley Bridge Growth 14.
Of that total, $40 million will come from the Legacy Fund, the state’s $10.9 billion sovereign wealth fund, with the remaining $20 million managed on behalf of SIB's pension investment pool, including the $4.3 billion Public Employees Retirement System, the $3.3 billion Teachers' Fund for Retirement and a handful of municipal funds.
The investment committee likewise approved $50 million in commitments to Peak Rock Capital Fund IV, investing $35 million with the Austin, Texas-based lower-middle-market buyout firm on behalf of the Legacy Fund and the remaining $15 million for the SIB's pension pool.
The two hires will lift the sovereign wealth fund’s private equity allocation by $75 million to roughly $120 million, or just over 1% of its portfolio — well below its policy target of 7%.
