Pennsylvania Public School Employees' Retirement System, Harrisburg, agreed to commit up to $516 million to five alternatives investment funds and retained its investment consultant for its defined benefit and defined contribution plans, documents from the $54.9 billion retirement system show.
At its March 8 meeting, the PennPSERS board agreed to commit up to $150 million to Searchlight Capital III, a private debt fund managed by Searchlight Capital Partners.
It also agreed to commit up to $100 million apiece to the following three funds: Exeter Core Industrial Club Fund III, a real estate fund managed by Exeter Property Group; Clearlake Opportunities Partners II, a special situations/distressed debt fund managed by Clearlake Capital Group; and Falko Regional Aircraft Opportunities Fund II, a private equity fund.
The board also committed £50 million ($66 million) to Cabot U.K. Core-Plus Industrial Fund, a real estate fund managed by Cabot Properties.
PennPSERS also voted to retain Aon Hewitt Investment Consulting as investment consultant for its DB and DC plans.
Separately, on Monday the pension plan announced that it had returned a net 0.66%, 5.97% and 8% for the one year, five years and 10 years ended Dec. 31.