Pennsylvania State Employees' Retirement System, Harrisburg, committed up to €93 million ($98.5 million) to private equity fund TDR Capital IV, said Pamela Hile, spokeswoman for the $26 billion pension fund.
The board approved the commitment at its meeting Wednesday. The fund is expected to invest in companies that are based in Europe or have substantial operations in Europe.
Funding will come from cash. The commitment is subject to successful contract negotiations.
In addition, PennSERS announced a 3.4% return on investments for the third quarter of 2016. Returns by asset class for the quarter ended Sept. 30 were: global equities, 5.7%; real estate, 2.3%; private equity, 2.1%; fixed income, 1.9%; hedge funds, 1.4%; and cash, 0.2%.
