Vermont Pension Investment Committee, Montpelier, committed up to $155 million to two alternative funds on behalf of the $5.3 billion Vermont State Retirement Systems, according to Andy Cook, an investment analyst with the Vermont State Treasurer's Office.
At its meeting Tuesday, the committee approved an $80 million commitment to HIPEP IX Fund, a limited partnership investing in private equity assets in Europe and Asia-Pacific managed by HarbourVest Partners. It follows commitments of $60 million to HIPEP VIII in 2018 and $15 million to HIPEP VII in 2014, Mr. Cook said in an email.
The committee also approved commitment of up to $75 million to Ares Pathfinder, a private credit fund managed by Ares Management and a first-time commitment to an Ares fund, Mr. Cook said.
The Vermont Pension Investment Committee's actual allocation to private equity and private debt is 5.08% and 2.62%, respectively. Its target allocation to both private equity and private debt is 10%.
The three pension funds that make up the Vermont State Retirement Systems are the Vermont Municipal Employees' Retirement System, Vermont State Teachers' Retirement System and the Vermont State Employees' Retirement System.