South Carolina Retirement System Investment Commission committed or invested more than $1.5 billion to five alternative investment managers at a meeting Thursday.
Commissioners accepted the recommendation of its internal investment staff to further build out the $29.3 billion state pension fund’s credit exposure by allocating $400 million each to a multistrategy private debt separate account managed by Highbridge Principal Strategies and to a structured credit approach managed by GoldenTree Asset Management, a webcast of the meeting showed.
Emerging markets debt managers Ashmore Investment Management and Grantham, Mayo, Van Otterloo & Co. each received a $300 million allocation.
As of March 31, the pension fund had $4.9 billion invested in or committed to diversified credit, about 16.9% of plan assets, according to a report from Hershel Harper Jr., chief investment officer.
In private equity, commissioners committed up to A$100 million ($77.3 million) to Pacific Equity Partners Fund V. An additional A$50 million was committed to the manager for related co-investments.
The state pension fund is administered by the South Carolina Public Employee Benefit Authority, Columbia.
Separately, Mr. Harper reported the pension fund’s returns topped the policy benchmark in every period ended March 31: three months, 2% (benchmark, 1.5%); fiscal year-to-date, 1.2% (benchmark, 0.5%); one year, 4.9% (benchmark, 3.7%); three years, 8.2% (benchmark, 7.1%); and five years, 8.1% (benchmark, 7.1%). Multiyear returns are annualized.