SEARCHES AND HIRES

PennPSERS allocates $900 million total to 3 managers

Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $500 million to BlackRock (BLK)'s Market Advantage II fund, said spokeswoman Evelyn Williams.

The commitment to the multiasset class fund falls within the $53 billion pension fund's risk-parity allocation.

Separately, the pension fund hired Radcliffe Capital Management to run $300 million in a long-only defensive credit strategy. The funding source is the pension fund's S&P 500 index portfolio.

The pension fund also committed up to $100 million to AG Core Plus Realty Fund IV, a real estate fund that focuses on underperforming apartment, industrial, office and retail U.S. real estate, managed by Angelo, Gordon & Co.

Also, the pension fund committed up to an additional $100 million to its in-house real estate co-investment and secondary program. The original commitment of $100 million was made in March.