Pennsylvania State Employees' Retirement System, Harrisburg, committed up to $225 million for the defined benefit plan and hired an investment consultant for the state's future defined contribution plan, confirmed Pamela Hile, spokeswoman for the $28 billion system.
At its board meeting on Wednesday, the board approved a commitment of up to $150 million to TSSP Adjacent Opportunities Partners, a fund managed by TPG that "focuses on the purchase or origination of opportunistic credit, special situations and distressed investments, and to engage in direct lending across the credit cycle through adjacent and crossover opportunities generated by the TSSP platform," according to a PennSERS news release.
The board also approved a commitment of up to $75 million to Clearlake Capital Partners V, managed by Clearlake Capital Group, which invests in value-oriented buyouts, credit/structured equity and distressed/turnaround transactions involving North American middle-market companies.
The PennSERS board also moved to amend its contract with RVK, its general investment consultant, to include investment consulting for a new DC plan created by recent legislation, which is set to be operational by Jan. 1, 2019.
Also, the pension fund announced David Durbin, executive director, will retire Jan. 6 after 38 years with the system.