Investors - OCTOBER 9, 2019

Ventura County commits $50m to HarbourVest real assets fund

by Kali Persall

The $5.7 billion Ventura County (Calif.) Employees’ Retirement Association (VCERA) has made a follow-on commitment of $50 million to HarbourVest Partners’ fourth real assets fund, according to recently released board meeting minutes.

The pension fund previously committed $50 million to the fund in July.

HarbourVest Real Assets Fund IV is seeking to develop a portfolio of investments in four primary sectors, according to a fund evaluation completed for the Plymouth County  (Mass.) Retirement Association in January. These sectors include energy (upstream, midstream, services), power (generation and transmission), infrastructure (transportation, utilities, communications), and natural resources (mining, timberland, agriculture).

Boston-based HarbourVest is looking to raise $700 million for the fund, almost twice the amount it raised for its previous real assets fund, which closed in April 2017 with $366 in capital commitments.

Launched in 1982, HarbourVest has more than $50 billion in assets under management. The global private investment firm’s dedicated real assets program has raised three investment vehicles to date with an aggregate of $1.9 billion.

As of June 30, VCERA had an 8 percent actual allocation to real assets, with a target of 10 percent.

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