Industry fund Tasplan has made changes to its strategic asset allocation, reducing its exposure to listed property and upping its commitment to private equity.
Tasplan investment manager Mark Williams said the fund would gradually lift its exposure to private equity from 1 per cent to 5 per cent.
"The increase will happen gradually via cash flow," Williams said.
As a result of the asset allocation change, Tasplan has committed a total of $35 million to two private equity managers.
Private equity fund of funds HarbourVest has received a $20 million mandate, mainly directed to venture capital and buy-out funds.
Lexington Partners, an independent manager of secondary private equity, scored a $15 million mandate.
"These are small allocations and they will be called on gradually," Williams said.
HarbourVest has so far called on $200,000.
In December 2009, Tasplan announced plans to partner with the wealthy Rockefeller family to set up a fund to invest in Tasmanian assets.
The Tasmanian Growth Development Fund was seeded with $10 million from Tasplan and $10 million from the Melbourne-based Rockefeller family.
