FUNDRAISING NEWS | November 20, 2024
The Ventura County Employees’ Retirement Association (VCERA) is considering the establishment of an in-house direct co-investment program with up to $20M in policy allocation for 2025, according to materials related to the pension’s board meeting on November 18.
The planned program will aim to invest directly alongside existing funds in the pensions’ private equity, private credit, infrastructure, and real estate policies, on a zero or reduced-fee basis. VCERA said it has committed $173.5M in total to co-investment vehicles, all in private equity, accounting for 2.1% of its portfolio as of June 30, but is looking to further grow its exposure through the investment strategy.
Included in the recommendation for the program’s establishment is the appointment of an investment officer to help build out, monitor, and execute the LP co-investment plan, while the CIO will handle approval of co-investment opportunities following established guidelines.
Per Dakota data, the Ventura County pension has so far made investments in two co-investment funds this year: $25M to HarbourVest Partners Co-Investment Fund VII and $50M to Adams Street Co-Investment Fund VI, as reported by Dakota on March 28 and July 30, respectively.
Source: https://vcera.primegov.com/Portal/Meeting?meetingTemplateId=1310
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