Pennsylvania Public School Employees commits $400 million to alternatives
By Rob Kozlowski | March 15, 2013 4:05 pm
Pennsylvania Public School Employees' Retirement System, Harrisburg, made five new commitments totaling $400 million, confirmed spokeswoman Evelyn Tatkovski.
The pension fund made private equity commitments of up to $100 million each to Bain Capital Fund XI, which targets equity investments in North America between $200 million and $500 million,with occasional international investments; and New Mountain Partners IV, a fund managed by New Mountain Capital that seeks three to four North American middle-market investments a year.
PSERS committed $100 million to Bain Asia II in October 2011; this latest commitment is the fourth commitment for the pension fund to a New Mountain fund.
Also, the pension fund committed up to $50 million to private equity fund GoldPoint Partners Co-Investment V, the fifth such commitment to one of the manager's co-investments. The manager was previously known as New York Life Capital Partners.
The pension fund also made two value-added real estate commitments of up to $75 million each to AREA Value Enhancement Fund VIII, which concentrates on multifamily, industrial, hotel, retail and office properties, and Cabot Industrial Value Fund IV, which invests in industrial properties, primarily in the U.S.
PSERS has invested with Cabot Properties in various funds since 1998 and has invested in four previous AREA Property Partners funds.