San Luis Obispo County (Calif.) Pension Trust hired HarbourVest Partners to manage a total of up to $630 million in its private equity, private credit and infrastructure asset classes on a discretionary basis in a fund-of-one structure.
The $1.8 billion pension fund's board approved the recommendation of the staff and NEPC, which assisted with the search, at its Sept. 27 meeting, said Carl Nelson, executive director.
The pension fund issued a request for information in June for a discretionary private markets consultant to oversee its private equity, private credit and infrastructure asset classes. The pension fund's investment consultant, Verus Advisory, recused itself from assisting in the search because of potential conflict of interest at the time, Mr. Nelson said.
Since the RFI was issued, the pension fund elected to hire a manager to oversee commitments to the asset classes in a customized fund-of-one separate account.
The pension fund plans to reach its targets of 18%, 12% and 5%, respectively, to private equity, private credit and infrastructure by 2025.
HarbourVest Partners was the sole finalist.
As of Aug. 31, the actual allocations to private equity and private credit were 6.5% and 4.7%, respectively. There was no actual allocation to infrastructure.