Pennsylvania Public Schools commits up to $579 million
By Rob Kozlowski | December 7, 2012 3:07 pm
Pennsylvania Public School Employees' Retirement System, Harrisburg, made a total of five new commitments totaling up to $579 million, confirmed spokeswoman Evelyn Tatkovski.
The $49.5 billion pension fund committed $150 million to Sciens Aviation Special Opportunities Investment Fund II, an absolute-return fund managed by Apollo Aviation Group. It's the first commitment for PSERS with the manager.
The pension fund also committed $150 million to Global Agriculture Absolute Return Fund, a commodities fund managed by Black River Asset Management. PSERS previously committed $250 million to Black River Fixed Income Relative Value Opportunity Fund in October 2011 and up to $75 million to Black River Inflation Opportunity Fund of One in April.
A commitment of up to €100 million ($129 million) was made to private equity fund PAI Europe VI, managed by PAI Partners, the fourth commitment to a PAI fund by PSERS. The retirement system previously committed €300 million to PAI Europe III, €100 million to PAI Europe IV and €200 million to PAI Europe V.
Also, the pension fund committed $75 million to LEM Real Estate High-Yield Debt & Preferred Equity Fund III, managed by LEM Capital. The retirement system previously committed up to $75 million to LEM II in May 2006.
The retirement system also committed $75 million to Latitude Management Real Estate Capital III, managed by Latitude Management Real Estate Investors, formerly known as Legg Mason (LM) Real Estate Investors. The pension fund previously committed $57.6 million to Legg Mason Real Estate Capital I in 2002 and $100 million to Legg Mason Real Estate Capital II in 2006.