Vermont Pension Investment Commission, Montpelier, committed $25 million to PEG Secondary Portfolio 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 secondary fund managed by J.P. Morgan Asset Management was approved at a VPIC meeting Sept. 26, Cook said in the email.
The fund invests in private equity secondaries and represents VPIC's first commitment to a JPMAM fund, according to VPIC meeting documents.
As of June 30, VPIC's allocation to private equity was 10.2%. 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.