Pennsylvania State Employees' Retirement System, Harrisburg, approved commitments totaling $50 million to two private equity funds, said Pamela Hile, spokeswoman for the $27 billion pension fund.
Trustees approved on Wednesday commitments of $25 million each to JMI Equity Fund VIII, a fund focused on buyout investments in North American software and technology companies, and Meritech Capital Partners V, which invests in U.S. private technology companies.
The pension fund committed to the three previous JMI Equity funds and three Meritech funds.
The investments are part of the plan's strategy to make larger investments across fewer funds within the alternative investment class and are subject to successful contract negotiations.
SERS also announced that it returned 2.7% on investments for the first quarter of 2014, which added $726 million to the fund. Returns by asset class for the first quarter were alternatives, 6.2%; real assets, 3.3%; hedge funds, 2.7%; fixed income, 2.6%; global equities, 0.7%; and liquidity, 0.1%.