Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $1.5 billion total to six alternatives funds, documents from the $54.8 billion pension system show.
At its Oct. 12 meeting, the PennPSERS board agreed to commit up to $400 million to TCI Real Estate Partners Fund III, a hedge fund managed by The Children's Investment Fund Management. Aksia, PennPSERS' absolute-return consultant, assisted in the selection.
It also agreed to commit up to $300 million Brookfield Strategic Real Estate Partners III, an opportunistic real estate fund managed by Brookfield Asset Management. Alternatives consultant StepStone Group assisted.
PennPSERS also agreed to commit $200 million each to four funds: Bain Capital Asia Fund IV, a private equity fund focused on Asia-based investment opportunities; the AKAZ Offshore Fund, a hedge fund managed by Akaz Investment Partners; the Caspian Opportunistic Dislocation Strategy, a hedge fund managed by Caspian Capital; and Triton Value Fund, a private equity fund registered in the Cayman Islands managed by Triton Investment Management Ltd.
Private markets investment consultant Hamilton Lane assisted in the selection of the Bain Capital fund, while Aksia assisted in the other three hirings.