Connecticut’s investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.
The manager has raised $4.8bn for Dover XI, which has an ambitious target of $12bn.
The private equity portfolio of the under-the-radar retirement system paid $1 billion more in contributions than it received in distributions.
LPs have become focused on distributions as they balance liquidity needs in a difficult marketplace.
The nation’s second largest pension system sees potential for greater returns and adding to sustainable investing by increasing its allocation to private equity.
New Jersey Division of Investments placed a commitment seeking to bring more industrials holdings into its PE portfolio.
Cliffwater took the rare step in deciding to not apply to continue the position.
The nation’s largest pension system stays with Meketa as the reshaping of its private equity program takes hold.
The $72.4bn pension system is one of the most aggressive LPs in pursuing these types of deals.
The system was unable to finalize the decision at an earlier meeting.