Pennsylvania Public School Employees' Retirement System, Harrisburg, approved two new alternative commitments totaling up to $350 million.
The $69.2 billion pension fund's board at its meeting on Friday approved commitments of up to $250 million to Sixth Street Lending Partners, an upper-middle-market direct lending fund, and up to $100 million buyout fund Clayton, Dubilier & Rice Fund XII, spokesman Steve Esack said in an email.
PennPSERS has made multiple commitments to Sixth Street, most recently committing $200 million to Sixth Street Fundamental Strategies Partners (A) and $125 million to Sixth Street Specialty Lending Europe II, both in 2020. This is the first pension fund's first commitment to Clayton, Dubilier & Rice.
As of Aug. 31, the actual allocation to private equity was 17.5%; its target is 12%.