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Wisconsin has a private equity portfolio to sell

The State of Wisconsin Investment Board oversees a legacy private equity portfolio that was valued at about $203 million as of Dec. 31 that it is looking to sell off, according to public documents from the pension system.

Neurovance snags $6.3 mln

Neurovance has raised a $6.3 million extension in its Series A1 round. The investors included Novartis Venture Fund, Venture Investors, H&Q Healthcare Investors and H&Q Life Science Investors, GBS Venture Partners and State of Wisconsin Investment Board. Headquartered in Cambridge, Mass., Neurovance is a clinical stage neuroscience company focused on treating adult attention deficit hyperactivity disorder

Wisconsin Money Managers Launch $30M Early Stage Venture Fund

A Wisconsin pension fund and research organization have formed a $30 million venture capital fund to focus on early stage IT companies. Called 4490 Ventures, a reference to the 44O N latitude and 90O W longitude lines that approximate the center of the state, the fund is being backed by the State of Wisconsin Investment Board and Wisconsin Alumni Research Foundation are creating an early-stage venture capital fund focused on information technology.

Wisconsin

Wisconsin Pledges $340 Million To Five PE Funds

The $83 billion State of Wisconsin Investment Board logged five private equity commitments totaling $340 million in the third quarter, according the system’s latest investment committee report. Three of the five commitments, about two-thirds of the total, were to funds with a European or Asian focus…

Wisconsin Pension Chief to Retire in 2012

Keith Bozarth, executive director of the $80 billion State of Wisconsin Investment Board, announced plans to retire in 2012, the extra time being needed to allow SWIB to find a replacement and help with a transition, according to a press release.

Wisconsin runs one of the nation’s largest private equity programs. The system’s current private equity target is 7 percent, and SWIB manages about $5 billion in invested private equity capital.

In a statement, the chairman of SWIB’s board of trustees, Jim Sentry, said, “We are sorry to see Keith leave, but appreciate his many accomplishments,” adding, “SWIB has accomplished a great deal (under Bozarth), including increasing its internal management of funds from 21 percent to 55 percent and revising its risk management process. These accomplishments have helped SWIB remain a model organization with an outstanding reputation.”

Wisconsin to Commit $6B+ to PE Through 2016

Following the best performance in 25 years for Wisconsin’s main pension fund, the State of Wisconsin Investment Board outlined long range plans to commit more than $6 billion to private equity through 2016, including $1 billion in both 2011 and 2012, rising to $1.4 billion per year in 2015 and 2016, according to a report by StepStone Group, Wisconsin’s private equity advisor.

Overall, the IRR for Wisconsin’s private equity portfolio was 12.9 percent for the year through March, beating the portfolio’s 12.1 percent benchmark, according to StepStone. Private equity returns for Wisconsin represented a gain of $949 million for the year.

NY Shop To Close Fund V At Hard Cap

Cortec Group expects to close its fifth buyout fund at its $620 million hard cap on Wednesday, a source close to the fundraising effort told Buyouts. The New York-based shop raised $600 million in commitments from LPs, and principals at the firm are committing an additional $20 million. The firm’s target had been $500 million. […]

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