The Californian pension also made a $65m commitment to the Altor Climate Transition Fund I.
Campbell Global will invest the vehicle on behalf of the defined contribution pension scheme and will not pay performance fees to the JPMorgan subsidiary.
Africa-focused Helios Investment Partners has raised around $200m for the fund, which will invest in ‘climate-smart agriculture and food’, among other sectors.
The firm has a goal of increasing the size of the 2021-vintage to $1bn but says it is not in a rush to reach the target.
As some other private markets have recorded surprising figures to varying degrees, agri-food and forestry appears to have slipped back into its happy medium.
The development finance institution said the ticket represents its first commitment to an institutional forestry fund.
H1 2024 fundraising for dedicated agri-food and forestry vehicles hit $5.1bn, representing the biggest half-year figure since 2021.
The firm’s new forestry team has a track record of sourcing off-market deals, and its CEO believes it can cash in on LP goodwill to raise capital quickly.
QIC will look to raise and deploy funds for its first natural capital vehicle over a longer time horizon than originally planned, after senior leaders departed earlier in 2024.
Tiverton AgriFinance III has comfortably eclipsed the $325m raised by its predecessor.