Pennsylvania State Employees' Retirement System, Harrisburg, approved a total of up to $175 million in new commitments to three private equity funds, said a news release issued by the $29.8 billion pension fund.
At its Wednesday meeting, the PennSERS board approved up to $75 million apiece to Vista Equity Partners Fund VII, a private equity fund that focuses on North American technology companies; and NGP Natural Resources XII, a natural resources fund managed by NGP Energy Capital Management that focuses on North American businesses involved in oil and natural gas production, midstream energy and oilfield services. It also approved a commitment of up to $25 million to NGP Keystone, another natural resources fund that focuses on North American oil and gas investments.
The commitments are subject to successful contract negotiations.
The board also approved 10 target-date funds for the state's soon-to-be launched DC plan. The suite includes nine funds separated in five-year increments starting with 2020 and ending at 2060. A post-retirement fund is also available to participants.