The board of the Pennsylvania Public School Employees’ Retirement System, Harrisburg, approved five investment commitments totaling roughly $720 million, according to a PSERS news release.
The $76.5 billion pension fund’s board approved a $175 million commitment to ACORE Opportunistic Credit II, a private credit fund managed by ACORE Capital, according to the Aug. 16 release. The board also approved two private equity fund commitments, $100 million to Summit Partners Growth Equity Fund XII-A and $125 million to LLR Equity Partners VII, managed by LLR Partners.
Two private infrastructure fund commitments were also approved. The board approved a $100 million commitment to Peppertree Capital Fund X, L.P. and a €200 million ($218 million) commitment to Blackstone Infrastructure Partners Europe (CYM) L.P., the release said.
Pending final contract approvals, PSERS will allocate new money to the ACORE, Summit Partners, LLR, and Peppertree commitments, Chief Investment Officer Ben Cotton said during an investment committee meeting on Aug. 15.
The commitment to Blackstone’s new European-focused fund will facilitate the reallocation of capital within Blackstone’s infrastructure-focused funds, Cotton said, according to the release.
Cotton also said that the 2023-24 fiscal year net investment return is expected to top 8% when final numbers are tallied later this year, according to the release, which said the system’s assumed rate of return is 7%.
