Ventura County Employees’ Retirement Association has committed $50m (€43.6m) to Pantheon Global Infrastructure Fund V, according to a board meeting document.
Fund manager Pantheon Ventures has set a $4bn target for the fund and will make a co-investment of at least 1% of the total fund size.
As of May, Fund V had $4.3bn of commitments in the works, consisting of either closed or highly certain commitments from potential limited partners.
The fund is expected to allocate 90% of its capital to secondaries and 10% to co-investments, targeting a mix of digital infrastructure, transportation and logistics, social infrastructure, power, utilities and renewables.
Most of the capital will be deployed in Europe and North America, with each region accounting for 30% to 60% of the portfolio.
Pantheon Venture has already deployed $1.2bn from the fund across 10 transactions involving 254 assets, achieving an average discount of 14% on those deals.
The fund targets a net internal rate of return of 11% to 13%.
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