Vermont Pension Investment Commission, Montpelier, committed $20 million to NB Strategic Co-Investment Partners V on behalf of the $5.8 billion Vermont State Retirement Systems, according to Andy Cook, an investment analyst with the Vermont state treasurer's office.
The commitment to the co-investment fund managed by Neuberger Berman was approved at a VPIC meeting Dec. 12, Cook said in the email.
VPIC previously invested in the prior vintage of this fund as well as the NB Secondary Opportunities Fund V, both in 2020, according to VPIC's meeting materials.
The prior commitments to Neuberger Berman were $70 million for the secondaries fund and $25 million for the co-investment fund, Cook said.
As of Oct. 31, VPIC's allocation to private equity was 11.1%. Its target allocation 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.
