Ventura County (Calif.) Employees' Retirement Association committed $50 million to HarbourVest Real Assets Fund IV, a diversified real assets fund managed by HarbourVest Partners, said Dan Gallagher, chief investment officer, in an email.
It is the $5.6 billion pension fund's first commitment to a diversified real assets fund. The HarbourVest fund invests opportunistically across infrastructure, energy, natural resources and power.
VCERA has made multiple commitments to various HarbourVest private equity funds, most recently committing $40 million to HarbourVest's Dover Street X, a secondary private equity fund of funds, in April.
As of March 31, the pension fund's actual allocation to real assets was 8%; the target is 10%.
Investment consultant NEPC assisted.