Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $425 million total to two alternatives funds and rehired Aon Hewitt Investment Consulting as its investment consultant, confirmed Evelyn Williams, spokeswoman for the $54.8 billion pension plan.
At its Aug. 10 meeting, the PennPSERS board agreed to commit up to $225 million to NGP Natural Resources XII, managed by NGP Energy Capital Management. Hamilton Lane, PennPERS' private markets investment consultant, assisted in the selection.
It also agreed to commit up to $200 million to Steadview Capital Partners, a growth fund managed by Steadview Capital Management. Absolute-return consultant Aksia assisted.
The board also voted to retain Aon Hewitt as investment consultant for both its defined benefit and new defined contribution plans. PennPSERS issued an RFP for the DB plan consultant in May because its contract with Aon Hewitt was set to expire. The RFP for the DC investment consultant was issued in February. Ms. Williams said the new hybrid/DC plan should be implemented July 1, 2019.