The Iowa Municipal Fire & Police Retirement System, based in West Des Moines, has allocated $188m in new and follow-on commitments to private equity, according to a recent flash report on the pension fund’s website.
The $3.4bn pension fund approved these investments during its board meeting on 14 November.
The board has committed $95m to the Siguler Guff Small Buyout Opportunities Fund VI, a fund of funds focused on small-market buyouts and managed by Siguler Guff. Additionally, $20m has been allocated to the Top Tier Venture Velocity Fund 5, a late-stage venture capital fund of funds managed by Top Tier Capital Partners.
The board also approved a follow-on commitment of $45m to the Adams Street Cyclone Fund, a private equity fund of funds managed by Adams Street Partners. This follows prior commitments of $45m each in 2022 and 2023, adding to the initial $130m invested in 2020.
Further, the pension fund committed $28m to the Siguler Guff Hawkeye Co-Invest, a co-investment fund associated with the Siguler Guff Hawkeye Opportunities Fund, another private equity fund of funds managed by Siguler Guff. The Siguler Guff Hawkeye fund was originally established in 2011 as a customised separate account exclusively for the Iowa municipal pension system. As of 30 September, the pension fund had $506m invested in this fund.
As of 30 September, the Iowa Municipal Fire & Police Retirement System reported an actual allocation of 25.2% to private equity, significantly above its target allocation of 18%.
