Pennsylvania Public School Employees’ Retirement System, Harrisburg, committed a total of about $485 million to four private equity funds, documents from the $52 billion pension fund show.
At its January board meeting, the pension fund board committed $150 million to Sciens Aviation Special Opportunities Investment Fund III, a fund jointly managed by Apollo Aviation Group and Sciens Capital Management that acquires, leases and trades aircrafts, aircraft engines and aircraft parts. This is PennPSERS’ second commitment to Apollo Aviation.
Absolute-return consultant Aksia assisted.
The PennPSERS board also committed $150 million to Cabot Industrial Core Fund, a core industrial real estate fund managed by Cabot Properties. In 2008, PennPSERS committed $100 million to Cabot Industrial Value Fund III. In 2013, the pension fund committed $75 million to Cabot Industrial Value Fund IV.
Real estate investment consultant Courtland Partners assisted.
Also at the meeting, the board committed $100 million to HGGC Fund II, a middle-market private equity fund. PennPSERS previously committed to HGGC Fund I.
Finally, the pension fund committed €75 million ($85 million) to Equistone Partners Europe Fund V, a European middle-market private equity fund. PennPSERS previously committed to all prior funds in the series.
Portfolio Advisors, PennPSERS’ private markets consultant, assisted on the HGGC and Equistone commitments.