Mississippi Public Employees' Retirement System, Jackson, approved a $720 million commitment to the Pathway Capital Management 2021 series private equity fund, a spokeswoman for the $33.7 billion pension fund said in an email.
The commitment was approved at a board meeting Thursday.
The $720 million investment is to be made in three annual installments of $240 million, which are expected to begin in fiscal year 2022 at the discretion of Pathway, the spokeswoman said.
The commitment follows investments with Pathway in three prior series, the most recent being the 2016 series, which is approaching full deployment, according to meeting materials.
The board also approved a $75 million commitment to Invesco U.S. Fund VI, a real estate fund.
The $75 million investment follows previous commitments of $75 million in Invesco U.S. Value-Add Fund V and $50 million in Invesco U.S. Value-Add Fund IV, according to board meeting materials.
As of March 31, Mississippi PERS had 8.53% allocated to real estate and 9.66% allocated to private equity. Its target allocations are 10% and 8%, respectively.