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Iowa’s portfolio leans towards FoFs

The Board of Regents State of Iowa has 15 funds of funds in its public and private equity portfolio.

The Board of Regents State of Iowa has 15 funds in its portfolio which have exposure to secondaries, according to documents from its March investment committee meeting.

Direct secondaries exposure comes from two secondaries and co-investment focused fund managers: Landmark Partners and The Carlyle Group’s Metropolitan Real Estate Equity Management.

Iowa is an investor in Landmark’s three previous private equity secondaries and real estate secondaries funds, including Landmark Equity Partners XV, which closed on $3.25 billion at the end of last year.

Additional exposure to real estate secondaries lies in commitments to Metropolitan Real Estate Partners (MREP) Global VI Fund and MREP Global III made in 2012 and 2005 respectively.

The Board of Regents also has potential exposure to secondaries investments through five funds of funds managed by Adams Street Partners and Neuberger Berman (NB). It’s unclear how much each of the funds allocates to secondaries, but funds include Adams Street 2010, 2012 and 2013 and NB Crossroads XVIII and XX. The NB commitments were made in 2005 and 2012 respectively.

Lastly, Iowa has five Commonfund Capital funds of funds in its portfolio. Although Commonfund Capital is in market with its debut dedicated secondaries fund, the firm has historically invested in secondaries through its private equity, venture capital and real assets funds of funds. The last vehicle Iowa committed to was Commonfund Capital, Inc Natural Resource Partners IX, which closed on $507 million in 2011.

The 15 funds of funds are part of Iowa’s portfolio of 44 total public and private equity fund commitments.