Pennsylvania State Employees' Retirement System, Harrisburg, will invest up to $10 million in the Brynwood Partners V private equity fund, pending contract negotiations, according to Robert Gentzel, director of communications.
The $26.8 billion system will also make follow-on commitments to five of its venture capital managers, according to Mr. Gentzel: $50 million each to Avenue Special Situations IV and Lexington Capital Partners VI; $35 million each to HealthCare Ventures VIII and Meritech Capital Partners III; and up to $25 million to Alloy Ventures 2005. Total amount of each fund investment was not available.
Funding for the new and follow-on commitments will come from cash. The system had $2.2 billion of its assets invested in private equity and $796 million invested in venture capital as of year-end 2004, the latest data available.