Searches and Hires

PennPSERS assigns about $600 million to 4 funds

Pennsylvania Public School Employees' Retirement System, Harrisburg, committed a total of nearly $600 million to four alternatives funds, documents from the $53.5 billion pension fund show.

At its Oct. 5 investment committee meeting, the PennPSERS board agreed to commit up to $250 million to PIMCO BRAVO Fund III, a private debt fund managed by Pacific Investment Management Co., and $125 million to Portfolio Advisors Secondary Fund III, a secondary private equity fund.

The pension also committed €125 million ($148 million) to PAI Europe VII, a European buyout fund managed by PAI Partners, and $75 million to Orchid Asia VII, focused on growth equity companies in China and managed by Orchid Asia Group.

The pension fund's private markets consultant, Hamilton Lane, assisted on the Portfolio Advisors, PAI Europe and Orchid Asia commitments, while absolute-return consultant Aksia assisted on the PIMCO commitment.