Searches and Hires

South Carolina earmarks $75 million for growth fund

South Carolina Retirement System Investment Commission, Columbia, committed $75 million to Providence Strategic Growth IV for the $31.1 billion South Carolina Retirement System's investment portfolio, materials from the commission's April 11 meeting show.

The private equity fund managed by Providence Equity Partners seeks lower- and middle-market investments in U.S. and Western Europe software and technology companies.

The commission previously committed $150 million to buyout fund Providence Equity Partners VIII in 2018.

As of Feb. 28, the retirement systems' actual allocation to private equity was 7%.

The RSOC manages the assets of South Carolina's state pension funds on behalf of the South Carolina Public Employee Benefit Authority, Columbia.