The Pennsylvania Public School Employes' Retirement System, Harrisburg, will invest in small-cap international and emerging markets equities in the coming year, according to a review and outlook by William F. Brock, the $33.5 billion fund's consultant at Evaluation Associates, in the fund's 1996 annual report. In addition, the fund will continue to reduce its equity exposure to 60% from 65% now, while shifting more to passive management in both domestic equities and fixed income.
The fund now has 4% in real estate in both commingled funds and direct properties. Private equity represents about 1% and equity-related debt instruments. Venture capital represents 1%.
