Pennsylvania State Employees’ Retirement System, Harrisburg, approved commitments totaling $75 million to two alternative investment funds, said Pamela Hile, spokeswoman for the $27 billion pension fund.
Trustees approved on Wednesday a commitment of $25 million to ABRY Partners Fund VIII, a growth-oriented buyout fund focused on the media, telecommunications and information/business service sectors. They also approved a commitment of $50 million to Centerbridge Capital Partners III, which invests in distressed debt, middle market private equity and special situations/structured financing. It is managed by Centerbridge Partners
SERS committed to eight previous ABRY Partners funds and one earlier Centerbridge fund.
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.
The pension fund’s board also approved an amendment to its existing contract with investment consultant R.V. Kuhns & Associates to add services related to the state’s $2.8 billion voluntary deferred compensation program. The amendment enables the firm to conduct a fixed-income structure study; develop parameters for a new low-fee, low-risk profile bond fund; and assist in identifying possible managers for such a fund. The work will be completed over the next 12 months.
