Pennsylvania Public School Employees' Retirement System, Harrisburg, made more than $1 billion in new commitments and investments, documents from the $52 billion pension fund show.
At its April 30 investment meeting, the PennPSERS pension board agreed to invest an initial amount of $600 million in the Bridgewater Optimal Portfolio, a risk-parity strategy managed by Bridgewater Associates. The plan's general investment consultant Aon Hewitt Investment Consulting recommended the investment. Funding came from the pension fund's $1.8 billion investment in Bridgewater's All Weather strategy.
PennPSERS also committed $75 million to LEM Multifamily Senior Equity Fund IV, a real estate fund managed by LEM Capital, based on the recommendation by the pension plan's real estate investment consultant, Courtland Partners. PennPSERS invested in the two prior LEM funds.
The pension fund also agreed to make a co-investment of $150.13 million to Stockbridge Real Estate Fund III.
PennPSERS committed $75 million to Clearlake Capital Partners IV, a private debt fund. This will be the pension plan's first investment with Clearlake.
Finally, the pension plan committed $100 million to Coller International Partners VII, a secondary private equity fund. This will be PennPSERS' second commitment to Coller Capital.
Portfolio Advisors, PennPSERS' private markets investment consultant, recommended the investments with Clearlake and Coller.
The board also agreed to commit $250 million to its own private markets and real estate in-house co-investment and secondary program.