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Pension Funds

Missouri Public School retirement system plans to commit $825 million to private equity in 2019

Missouri Public School and Education Employee Retirement Systems, Jefferson City, plans to make up to $825 million in private equity commitments and co-investments in 2019, according to materials for the pension funds' April 15 board meeting.

The $41.7 billion pension funds' board plans to make 17 to 23 commitments to partnerships totaling $550 million to $625 million, according to materials from private equity consultant Pathway Capital Management. Of that total, there will be eight to 10 buyout commitments totaling $300 million to $350 million, six to eight special situations, debit-related and other commitments totaling $225 million to $250 million and three to five venture capital commitments totaling $75 million to $100 million.

For co-investments, the pension funds plan to commit $170 million to $200 million. Of that amount, there will be seven to 10 buyout commitments totaling $160 million to $180 million and one or two special situations, debt-related and other commitments totaling $10 million to $20 million.

In 2018, the pension funds made 20 commitments totaling $740 million to partnerships. Of that amount, 12 buyout commitments came to $520 million, five venture capital commitments totaled $157 million, two debt-related commitments equaled $48 million and one special situations commitment was $15 million. For co-investments, the pension funds make 19 commitments totaling $265 million. The pension funds did not provide any information on fund names or managers. Jennifer Martin, executive assistant for investments, declined to provide comment on recent commitments.

As of Dec. 31, the actual allocation to private equity was 11.2%; the target is 10.5%.