Pennsylvania Public School Employees' Retirement System, Harrisburg, adopted new investment policies that include increasing its caps on private equity and private credit co-investments, documents from the $64.2 billion pension fund show.
At its March 5 meeting, the board agreed to increase the maximum size of its private equity co-investments program to $1.5 billion from $1 billion. It also agreed to increase the maximum size of its private credit co-investments program to $500 million from $250 million.
The caps were increased because both programs were already approaching their previous limits.
The PennPSERS board also decreased the maximum size of its private commodities co-investments program to $250 million from $1 billion since the program is not expected to materially grow.
It also changed the limit for a single co-investment and secondary investment to a cumulative $75 million from an initial $50 million and $25 million follow on.