Pennsylvania Public School Employees’ Retirement System, Harrisburg, committed a total of more than $600 million to six investment funds, documents from the $48.5 billion pension fund show.
At its June 10 meeting, PennPSERS’ board agreed to commit up to $100 million to DRA Growth & Income Fund IX, a value-added real estate fund managed by DRA Advisors. It also agreed to commit up to $75 million to RCG Longview Debt Fund VI, a real estate debt fund.
Additionally, PennPSERS committed £75 million ($107 million) to Bridgepoint Development Capital III, a midmarket buyout fund managed by Bridgepoint Capital, and $100 million to International Infrastructure Finance Company II, an infrastructure debt fund managed by Mariner Investment Group.
Finally, the board agreed to commit $75 million to Varde Scratch and Dent Fund I-A, a fund managed by Varde Partners that invests in commercial real estate loans, and $150 million to Venor Capital Offshore, a debt fund managed by Venor Capital Management.
Courtland Partners, PennPSERS’ real estate investment consultant, assisted on the DRA and RCG commitments. Private markets consultant Portfolio Advisors assisted on the Bridgepoint and Mariner investments. Absolute-return consultant Aksia assisted on the Varde and Venor commitments.