Pennsylvania Public School Employees’ Retirement System, Harrisburg, made commitments and investments totaling up to $850 million, said spokeswoman Evelyn Williams.
The $51.9 billion pension fund committed up to $200 million to Avenue Europe Special Situations Fund III, a European distressed debt fund managed by Avenue Capital Group. The pension fund has previously made commitments to 11 prior Avenue funds, most recently committing $200 million to Avenue Energy Opportunities Fund in 2014.
Also, the pension fund invested $200 million in OWS Credit Opportunity Offshore Fund III, a structured credit fund managed by One William Street Capital Management.
The pension fund also committed up to $100 million each to Searchlight Capital II, a private debt fund managed by Searchlight Capital Partners, and Catterton Growth Partners III, a private equity fund that invests in North American growth companies. The pension fund has previously made five commitments to prior Catterton funds, most recently committing $75 million to Catterton Growth Partners II in 2013.
Also, the pension fund made a follow-on commitment of $250 million to PSERS TAO Partners Parallel Fund, an opportunistic credit fund managed by TPG. The pension fund, which is the sole limited partner in the fund, originally made a $250 million commitment in 2014.