Vermont Pension Commits $110M to Harrison Street, Neuberger Berman Funds 

The $7 billion Vermont Pension Investment Commission (VPIC) approved $110 million in new commitments across its real estate and private equity portfolios during its July meeting. 

Within real estate, Harrison Street Real Estate Partners Fund X received a $50 million allocation to bolster the pension’s $192 million non-core real estate portfolio. The fund targets student housing, senior living, and digital infrastructure, with a notable emphasis on data centers. While previous Harrison Street vintages had exposure to life sciences, Fund X will exclude that sector. Instead, digital assets are expected to play a larger role, evidenced by Harrison Street’s recent acquisition of Hawaii’s DRFortress data center alongside fifteenfortyseven Critical Systems Realty (1547) from GI Partners. 

In private equity, Neuberger Berman’s Secondary Opportunities Fund VI secured a $60 million commitment, marking VPIC’s fourth allocation to the manager. The fund focuses on LP interest transactions and continuation vehicle financings, offering access to established private equity portfolios. Neuberger expects most transactions to involve single-fund LP stakes in funds it knows well through its primary investment platform. Historical counterparties include H.I.G. Capital, Francisco Partners, and Thoma Bravo. 

As of the latest figures, Vermont has allocated approximately $761 million to private equity strategies.