The vehicle has already closed a handful of direct co-investments, Secondaries Investor understands.
The changes will enable the $209bn public pension to participate in restructurings and other complex secondaries transactions.
Pantheon's listed fund made three secondaries deals during the month, including a £40m stake in a North American buyout fund.
Monte Rosa IV, which is more than twice the size of its predecessor, will invest across primaries, secondaries and co-investments.
The fund of funds manager invested around €200m in secondaries and co-investments last year, according to a statement obtained exclusively by sister publication Private Equity International.
Sweetwater Capital Partners will advise clients on single deals allowing LPs direct access to secondaries, co-investment and direct transactions.
The sovereign wealth fund plans to sell 20 fund stakes in private equity, which has a $3.6bn market value in its portfolio.
Co-investments in secondaries can add another layer of complexity for LPs, according to a partner at London-based Coller.
Co-investments can help a secondaries buyer bridge any financing gaps to purchase a large portfolio.
Kelly left Pomona in August and is starting as a partner at New York-based Farol this month.