Pennsylvania Public School Employees’ Retirement System, Harrisburg, committed a total of about $663 million to one real estate fund and three private equity funds, documents from the $51.7 billion pension fund show.
At its March 12 board meeting, the pension board committed $300 million to Blackstone Real Estate Partners VIII, an opportunistic real estate fund managed by Blackstone Group. This is the plan’s seventh investment with Blackstone.
PennPSERS committed €150 million ($162.7 million) in to ICG Europe Fund VI, a European-focused midmarket fund managed by Intermediate Capital Group. In 2012, the pension fund committed €200 million to ICG Europe Fund V.
Also, the board committed $100 million each to Partners Group Secondary 2015 and Venor Special Situations Fund II, a private debt fund managed by Venor Capital Management. This is PennPSERS’ third investment in a Partners Group secondary fund and the first commitment to Venor.
Portfolio Advisors, PennPSERS’ private markets consultant, assisted on the Partners Group, Venor and ICG commitments. Real estate investment consultant Courtland Partners assisted on the Blackstone commitment.