Pennsylvania Public School Employees' Retirement System, Harrisburg, allocated $450 million to three investment funds and added 11 new funds to its defined contribution lineup, confirmed Evelyn Williams, spokeswoman for the $57 billion pension plan.
At its Dec. 7 meeting, the PennPSERS board agreed to invest $200 million to Cederberg Greater China Equity Fund, a hedge fund managed by Cederberg Capital that takes long-term equity stakes in high-quality, growing Chinese companies.
It also agreed to commit $150 million to Lindsay Goldberg V, a middle-market private equity fund.
In addition, the PennPSERS board agreed to invest $100 million in Tulco LLC, a private equity special situations company that targets growth-stage companies in need of change.
In addition, the board agreed to add the following 11 funds as Tier 2 options for the system's new defined contribution plan:
- ICMA-RC's Vantagepoint Plus fund.
- Pacific Investment Management Co. total return and real return funds.
- BlackRock's high-yield bond fund.
- Franklin Templeton's global bond fund.
- Fidelity Investments' 500 index premium, extended market index premium, and real estate index premium funds.
- American Funds' EuroPacific growth fund.
- Oppenheimer's developing markets fund.
- Calvert Investments' balanced fund.
These funds will join T. Rowe Price Retirement Blend Target Date Funds which was selected as the default option for the DC plan in May.
