West Virginia Investment Management Board (WVIMB) has reported a 22.1% return on private equity investments for the year ended 30 September 2010. It also reported an 8.62% private equity return in the three months leading up to 30 September 2010. The public equity proportion of the USD 11.6 billion public pension fund’s portfolio returned 11.85% over the year. WVIMB has a USD 844 million allocation to the asset class and has a target allocation of 10% of its total assets. It typically considers buyout, distressed debt, mezzanine, and funds of funds for investment.
Another investor, North Carolina Department of State Treasurer (NCDST), is adding to its private equity holdings. Having completed a private equity review, the USD 68.7 billion public pension fund is looking to increase its exposure to the asset class. The gain is being carved out of its global equity allocation. NCDST is understood to have increased its target by about one percentage point, which could mean USD 680 million being added to its private equity allocation. It invests slightly over half its allocation in buyout strategies, with the remainder targeting special situations, secondaries, and venture capital funds. The majority of the state treasurer’s private equity investments are located in the US, while around 20% are in Europe and the Rest of World.
More information on institutional investors in private equity can be found on Preqin’s Investor Intelligence database.