Mississippi Public Employees' Retirement System, Jackson, made a follow-on commitment of $600 million to Grosvenor Capital Management's private equity fund-of-funds portfolio, said Lorrie Tingle, chief investment officer, in an email.
The $28.2 billion pension fund's board approved the additional commitment to GCM's customized fund-of-funds portfolio at its Feb. 27 meeting to get the pension fund's allocation to private equity closer to its 8% target. The asset allocation as of Feb. 27 was 6.8%.
The pension fund originally committed $750 million to Credit Suisse Asset Management in 2008 following creation of the pension fund's 5% target allocation to private equity. In 2013, when the target was increased to 8%, the pension fund committed another $700 million. Grosvenor Capital Management acquired Credit Suisse's customized fund investment group in 2014.
As of Sept. 30, the pension fund had $738 million invested with GCM. Pathway Capital Management, the pension fund's other private equity fund-of-funds manager, had $1.1 billion invested as of Sept. 30.
Investment consultant Callan assisted.