Private Equity
The oversubscribed fund closed at its hard cap of $600 million in total commitments in less than three months.
The institution approved a financing agreement for an up to 10% stake in a company developing a new retinoid therapy.
The plan totaled nearly $690 million in commitments across its private equity and real assets portfolios last week.
The retirement board also hired a new private equity advisor at its investment committee meeting today.
The retirement fund has disclosed $215 million in recent alternatives commitments.
The fund narrowed a search for emerging markets large-cap ex-China equity managers to two finalists at the end of the second quarter.
The venture capital manager held an initial close for its second fund-of-funds targeting climate-focused technology after garnering investments from nearly 40 investors.
The pension plan made $665 million in total private equity/current return and real estate commitments in the second quarter.
Allocations to illiquid asset classes will provide university portfolios with stronger returns relative to public equity or bond markets over the long term, despite liquidity or spending squeezes in the short term.
The institution temporarily paused making investments in illiquid assets in the first quarter after reviewing its investment policy and guidelines, where concerns about private equity investing and not having an updated five-year strategic plan were made.