The New Hampshire Retirement System has committed roughly $193 million to secondaries funds since 2011, according to documents from the pension’s June board meeting.
New Hampshire has committed to one secondaries fund this year, investing $50 million in Lexington Capital Partners Fund VIII in April. Fund VIII is targeting a record-setting $8 billion.
Last year, the pension system committed $50 million to HarbourVest Partners’ Dover Street VIII, which closed on $3.6 billion, and $20 million to Industry Ventures’ Fund VII – an oversubscribed $425 million fund.
In 2012, New Hampshire committed $50 million to Paul Capital Partners X, however the commitment has since been reduced to $12.5 million because Paul ceased making investments in March 2014, according to the documents. Paul also stopped its search for a buyer and decided it will become a ‘closed-doors’ firm after managing out its existing funds.
Other secondaries funds in New Hampshire’s private equity portfolio include Coller Capital’s sixth fund, which raised $5.5 billion, as well as Lexington and Industry Ventures’ preceding funds.
New Hampshire has roughly $6.4 billion of assets under management.