Pennsylvania Public School Employees' Retirement System, Harrisburg, approved $425 million in commitments to three private equity funds, documents from the $57.2 billion defined benefit plan show.
At its Thursday meeting, the PennPSERS board committed $200 million to Bain Capital Distressed and Special Situations Fund 2019, a high-yield debt fund from Bain Capital Credit.
The board also made a follow-on commitment of up to a combined $150 million to Hahn & Co. III, a middle-market fund focused on companies in South Korea, and to Hahn & Co. III-S, which will co-invest alongside Hahn & Co. III. PennPSERS had previously made commitments of $50 million to Hahn & Co. III and $25 million to Hahn & Co. III-S in April 2018.
The PennPSERS board had also made a $75 million commitment to Incline Elevate Fund, a lower-middle-market private equity fund managed by Incline Equity Partners.
Also at its Thursday meeting, the board agreed to adopt six resolutions finalizing its fiduciary and operational rules for a new defined contribution retirement plan for school employees hired on or after July 1.
