Pennsylvania State Employees' Retirement System, Harrisburg, approved commitments of up to $250 million to two private equity funds, said a news release from the $26 billion pension plan.
At its meeting on Wednesday, the board committed up to $150 million to Vista Equity Partners Fund VI, which invests in undermanaged enterprise software businesses and technology-enabled solutions companies across vertical markets in North America. It also committed up to $100 million to Permira VI, a European fund that invests in large market and global businesses.
PennSERS also announced on Wednesday a 1.2% return for the second quarter of 2016, resulting in a 2% return and earnings of $500 million net of fees for retirement benefits during the first half of the fund's fiscal year.
Returns for the second quarter by asset class were: real assets, 3.2%; fixed income, 3.1%; hedge funds, 1.5%; global equities, 0.7%; cash, 0.2%; and alternatives, -0.1%.