Pennsylvania Public School Employees’ Retirement System, Harrisburg, announced $900 million in new commitments, spokeswoman Evelyn Williams said.
The $52.4 billion pension fund committed up to $300 million to Cerberus PSERS Levered Loan Opportunities Fund, a customized direct lending separate account, and up to $200 million to Cerberus Institutional Partners VI, a private debt fund, both managed by Cerberus Capital Management.
Also, the pension fund committed up to $250 million to Sankaty Credit Opportunities VI, an opportunistic credit fund managed by Sankaty Advisors that invests in multiple credit strategies including distressed debt and direct lending.
PennPSERS also committed up to $100 million to Summit Partners Growth Equity Fund IX, a private equity fund, and up to $50 million to Summit Partners Venture Capital Fund IV.
The pension fund invested previously with all three managers.
Separately, the pension fund also rehired Aksia as its hedge fund consultant. An RFP was issued in March because Aksia’s current contract expires later this year.
The pension fund also announced it returned 7.93% in the year ended March 31.