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PennPSERS commits $1 billion, hires Hamilton Lane as private markets consultant

Pennsylvania Public School Employees' Retirement System, Harrisburg, committed a total of $1 billion to six alternative funds and hired a private markets investment consultant, documents from the $52.7 billion pension plan show.

At its June 16 investment committee meeting, the PennPSERS board agreed to commit up to $250 million to Apollo Investment Fund IX, a buyout fund managed by Apollo Global Management. It also committed $200 million each to New Mountain Partners V, a middle-market buyout fund managed by New Mountain Capital, and Strategic Partners Real Assets II, a real assets and infrastructure fund managed by Strategic Partners Fund Solutions.

The pension also committed up to $100 million each to AG Europe Realty Fund II, a real estate fund managed by Angelo, Gordon & Co., and Avenue Energy Opportunities Fund II, a private credit fund managed by Avenue Capital Group.

A $150 million commitment was made to Bain Capital Fund XII, a private equity fund.

Separately, the board hired Hamilton Lane as the fund's private markets investment consultant, replacing incumbent consultant Portfolio Advisors. An RFP was issued in March. The pension fund had 15.2% of assets allocated to private markets as of Dec. 31. PennPSERS spokeswoman Evelyn Williams declined to disclose the other finalists in the search.