New Hampshire Retirement System has raised its exposure to venture capital and private equity secondaries.
The Concord-headquartered pension committed $50 million to HarbourVest Partners‘ flagship secondaries fund Dover Street X and $25 million to Top Tier Venture Velocity Fund III, a VC fund of funds that mainly makes secondaries investments, New Hampshire public information officer Marty Karlon confirmed.
The pension previously committed $50 million and $25 million, respectively, to the 2015-vintage Dover Street IX and 2017-vintage Top Tier Venture Velocity Fund II, according to PEI data. It has around $1 billion invested in private equity.
A document from Ventura County Employees’ Retirement Association from 25 March shows Dover X’s target is $5.75 billion.
The Boston-headquartered manager offers an early-close discount for limited partners that invest before 31 May, according to documents prepared for the University of Houston System. The fund will invest roughly two-thirds in complex secondaries deals and is targeting a net multiple of 1.4x-2x on each deal, the documents note. University of Houston committed $7.5 million.
Top Tier Capital Partners makes secondaries investments in venture capital funds, along with fund investments and co-investments. The target for Top Tier Venture Velocity Fund III is not clear. Its 2017 predecessor raised $282 million, against a target of $250 million, by final close in March 2018.
Venture capital accounted for 29 percent of fund stakes sold on the secondaries market last year, according to data from advisor Greenhill.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: