The Ventura County (Calif.) Employees’ Retirement Association (VCERA) has committed $75 million to HarbourVest Partners Infrastructure Opportunities Fund (IOF) III and $25 million to Pantheon Global Infrastructure Fund (PGIF) IV.
Managed by Boston-based HarbourVest, IOF III is seeking to raise $1 billion of capital and will invest 85 percent to 95 percent of its capital in a diversified set of infrastructure sectors such as telecom and data, transportation and utilities, renewables and efficiency, and power and midstream. The fund will invest the other 5 percent to 15 percent of its equity into diversified real assets sectors such as timber, carbon capture, recycling, commodities processing and logistics.
IOF III will focus on markets in North America and Western Europe and is expected to consist of 30 to 40 investments with an average equity value of $25 million to $35 million.
In 2019, VCERA committed $100 million to HarbourVest Real Assets Fund IV. HarbourV