Pennsylvania State Employees' Retirement System, Harrisburg, made its first commitment to emerging markets debt, hiring PIMCO, Gramercy and Greylock. PIMCO will run $400 million, while Gramercy and Greylock will each handle $100 million. Funding came from cash.
Also, the $24.5 billion pension plan committed up to $50 million to the AXA Secondary Fund III, up to $48 million to the Bain Capital Fund VIII and up to $25 million to Legg Mason Real Estate Services Residential Investment Partners. Follow-on commitments were made to CHS Private Equity V, with up to $50 million committed, and U.S. Venture Partners IX, up to $40 million committed; CHS now has a total of $200 million and U.S. Venture Partners, $90 million, from the system.
The fund's board also added up to $100 million to the fund's discretionary reserve for opportunistic purchases of secondary interests in private equity.
Separately, the system is conducting its annual investment review of its five-year investment plan, according to Sean Sanderson, spokesman. The review should be completed by the end of the year, and manager changes are possible.