PennPSERS earmarks $800 million for 5 funds

Pennsylvania Public School Employees' Retirement System, Harrisburg, committed or invested a total of $800 million to five alternatives funds, documents from the $50.4 billion pension fund show.

At its Aug. 7 board meeting, the pension fund board invested $200 million in Oceanwood Opportunities Fund, an event-driven hedge fund managed by Oceanwood Capital Management that invests in opportunities in Europe. This is PennPSERS' first commitment to Oceanwood.

PennPSERS also committed $200 million to Brigade Structured Credit Offshore Fund, a fund managed by Brigade Capital Management that invests in opportunities in the corporate structured credit market. The pension fund previously committed to Brigade in 2007 and again in 2011.

Also at its Aug. 7 meeting, the board agreed to commit $200 million to Park Square-PSERS Credit Opportunities, a fund-of-one vehicle managed by Park Square Capital for the pension fund that invests in European private debt. This is the plan's first commitment to Park Square Capital.

In addition, the pension fund committed $100 million each to Tenaya Capital VII, a venture capital fund that invests in early growth and late-stage venture-backed technology companies; and Centerbridge Capital Partners III, a private debt fund managed by Centerbridge Partners that focuses on private equity investments and distressed-for-control investments primarily in the U.S. and western Europe.

This is PennPSERS' fourth commitment to Tenaya and first commitment to Centerbridge.