South Carolina Retirement System Investment Commission, Columbia, approved investments and commitments totaling up to $1.4 billion, Adam Jordan, a spokesman for the $26.2 billion fund, wrote in an e-mail.
The commission approved a new strategic partnership with Crescent Capital Group to invest as much as $750 million in opportunistic credit strategies, while $100 million was invested in Mondrian Investment Partners’ Emerging Market Debt Fund.
Active developed markets equity managers Tradewinds Global Investors and Johnston Asset Management were hired to each manage $130 million.
The commission committed $75 million each to Brookfield Real Estate Finance Fund III and Oaktree Real Estate Opportunities Fund V; €50 million ($68 million) each to private equity funds Oaktree European Principal Fund III and Apax VIII.
Funding source for all eight investments is cash and “normal portfolio rebalancing,” Mr. Jordan wrote in his e-mail.
Separately, the commission terminated Amundi Asset Management, which ran $310 million in the Amundi Oblig Internationales global fixed-income fund. Mr. Jordan did not say why the firm was terminated.
As of June 30, returns of the system’s portfolios exceeded the fund’s policy benchmark for all periods, according to performance information on the commission’s website. The return in the quarter ended June 30 was 1.25%; one year, 18.59%; three years, 3.13%; and five years, 3.95%. Multiyear returns are annualized.