HarbourVest, Pantheon Receive $100M from VCERA for Real Assets Funds

HarbourVest Partners has received a $75 million commitment from the Ventura County Employees’ Retirement Association (VCERA), a pension fund with assets of $7.5 billion, for its HarbourVest Infrastructure Opportunity Fund III, according to a recent board meeting.

HarbourVest is aiming to raise $1 billion for its latest fund. The private equity firm previously received $100 million for its Real Assets Fund IV, which was VCERA’s first dedicated real assets commitment.

HarbourVest changed its Real Assets fund program to Infrastructure Opportunities and renumbered the fund series in early 2022. According to officials, HarbourVest decided the rebranding better reflected the portfolio construction and market opportunity within infrastructure.

In addition, Pantheon Ventures, a private equity, infrastructure, real assets and debt investor, received a $25 million commitment from the pension fund for its Pantheon Global Infrastructure Fund IV.

The fund is a secondaries and co-investment fund, which would complement VCERA’s commitment to HarbourVest’s Infrastructure Opportunities program as well as Brookfield Infrastructure funds. Pantheon is targeting $3 billion for the fund.

VCERA previously committed $20 million to HarbourVest Direct Lending Fund II and $40 million to Pantheon Credit Opportunities Fund II.