South Carolina Retirement System Investment Commission, Columbia, will conduct searches for strategic partnership, opportunistic credit, high yield, emerging market debt and real estate managers in 2008, CIO Robert Borden today. The commission, which oversees $30 billion in retirement assets, will not issue RFPs; it will contact managers individually and also use consultant NEPCs database, Mr. Borden said. The fund most likely will put about $1 billion each into two strategic partnerships; $800 million to $1 billion into opportunistic credit; and a total of about $2 billion in high yield and emerging market debt. No amount for real estate has been determined.
There is no specific time frame for the searches, though Mr. Borden said priorities will be strategic partnerships and opportunistic credit. The commission has been revamping investments after voters overturned a state constitutional amendment in November 2006 that prohibited investments in private equity and international stocks.
Separately, the commission at its board meeting Thursday made a €50 million ($73.7 million) commitment to the Bridgepoint Europe IV fund and a €35 million commitment to the Apax Europe VII fund, Mr. Borden said. Also, $40 million was added to the TCW Special Mortgage Credits Fund; the board already has up to $100 million committed to the fund.