Wyoming State Loan and Investment Board, Cheyenne, committed $50 million to Veritas Capital Middle Market Fund.
The board approved the commitment to the middle-market buyout fund managed by Veritas Capital Fund Management at its April 8 meeting, according to a notice of board approval on its website.
Separately, at the same meeting the board approved changes in the target allocations of the permanent funds it oversees following an asset allocation review.
For the Permanent Mineral Trust Fund, Permanent Land Fund, University Permanent Land Fund and Hathaway Scholarship Fund (which have combined assets of $9.8 billion), the board approved a total return focus, which adds new targets of 5% to private credit and 2% to private core infrastructure, increases the targets to private equity to 11% from 8%, hedge funds to 9.5% from 7.5%, and non-core real estate to 7% from 5%.
The new targets will be funded by a drop in the target to U.S. aggregate fixed income to 11% from 25%.
Targets that remain unchanged are 18% broad international equities; 11% broad domestic equities; 6% each bank loans and core real estate; 5.5% master limited partnerships; 5% custom emerging markets debt; and 3% domestic small-cap equities.
For the Common School Permanent Land Fund and Higher Education Endowment Fund (which have combined assets of $4.6 billion), the board approved an income focus, which adds a new 7% target to private credit and new targets of 5% each to hedge funds private core infrastructure and increases targets to broad international equities to 15% from 12%, preferred stock to 6% from 3% and non-core real estate to 5% from 3%.
The new targets will be funded by reductions in the targets to U.S. aggregate fixed income to 12% from 35% and core real estate to 9% from 11%.
Targets that remain unchanged are 12% bank loans; 8% broad domestic equities; 7% each custom emerging markets debt and MLPs; and 2% domestic small-cap equities.
Finally, the board also approved new, unique targets for the $2.6 billion Workers Compensation Fund.
The board created new targets of 5% each to private credit and private core infrastructure and increased the targets to custom emerging markets debt to 5% from 2.5%, core real estate to 5% from 4.5% and MLPs also to 5% from 4.5%.
The new targets are funded by reductions in liability-hedging fixed income to 56% from 62%, broad international equities to 9% from 12.5% and broad domestic equities to 6% from 8%, as well as the elimination of the 2% target to domestic small-cap equities.
The board also oversees three non-permanent funds, which include the state's $4.3 billion State Agency Pool and $1.5 billion Legislative Stabilization Reserve Account.
Investment consultant RVK assisted.
Patrick Fleming, chief investment officer, could not be immediately reached for further information.