Pennsylvania State Employes' Retirement System, Harrisburg, allocated a total of up to $215 million to commercial mortgage-backed securities, venture capital and alternative investments.
Trustees of the $17 billion fund approved up to $75 million for Fidelity Management Trust for investment in commercial mortgage-backed securities; up to $100 million to P/A Fund III, offered jointly by Patricof & Co. and Adams Capital for venture capital; and up to $40 million to a Frontenac fund that makes alternative investments in consumer/retail, information technology and health-care industries.
Trustees also committed $50 million to CoreStates Enterprise Capital Group for subordinate loans to small Pennsylvania-based companies through the pension fund's Pennsylvania Capital Fund.
The allocations will be funded from cash and are subject to contract negotiations. Consultants RogersCasey, Hamilton Lane Advisors and Cambridge Associates assisted.
