Pennsylvania State Employees' Retirement System, Harrisburg, approved a total of $250 million in new commitments, confirmed Pamela Hile, spokeswoman for the $27.5 billion pension system.
At its meeting on Wednesday, the board approved two commitments totaling $100 million to private equity funds managed by Asia Alternatives Management — a commitment of up to $50 million to Asia Alternatives Capital Partners V, a private equity fund of funds, and up to $50 million to Penn Asia Investors, which focuses on opportunistic investments in Asia-based private equity funds.The board also approved a commitment of up to $150 million to Glendon Opportunities Fund II, a distressed debt fund managed by Glendon Capital Management.
The commitments will be funded by cash, subject to successful contract negotiations.
The board also approved reallocating a little more than $1 billion over time. Roughly $249 million from fixed income and $400 million of cash will be moved to the Mellon Capital Management Russell 3000 index fund and about $358 million within the fixed-income portfolio to the core bond portfolio run by Pacific Investment Management Co.