TRF invests in private equity through its defined benefit fund, which currently manages assets of just over USD 4.2 billion. The public pension fund has a target allocation to private equity of 10% of total assets, with 7.2% of overall assets currently allocated to the asset class.
TRF’s typical bite size is in the range of USD 3 million to USD 10 million, and the pension fund has committed USD 13 million to Netherlands-based Forbion Capital Partners’ latest fund, which closed on EUR 136 million last week. The EUR 4.1 billion European Investment Fund also made a commitment to the vehicle. Forbion Capital Partners closed Forbion Venture Fund II alongside its co-investment vehicle FCF I Co-Invest Fund, which raised EUR 54 million. Both vehicles are focused on investing in the life sciences sector in North America and Europe. Historically, TRF has invested in a variety of fund types including venture, buyout, fund of funds and distressed vehicles on a global scale.
At the end of August TRF announced that it had hired David Cooper as CIO. He will also continue as CIO for Indiana Public Employees' Retirement Fund (PERF), which also has a significant allocation to private equity. The naming of a joint CIO for both pensions is in line with a cost saving strategy that was implemented in May with the appointment of a communal executive director for both funds. David Cooper was promoted to CIO at PERF in May this year following the departure of the pension fund’s former CIO Shawn Wischmeier, who became the new CIO of North Carolina Department of State Treasurer. TRF’s former CIO Tim Walsh left in July.
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