Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $950 million to six alternative investment funds, documents from the $59.1 billion pension plan's website show.
At its Dec. 6 meeting, the PennPSERS board committed $200 million to Clearlake Capital Partners VI, a private equity fund managed by Clearlake Capital Group.
It also committed $150 million apiece to: SASOF V, a special situations fund managed by Carlyle Aviation Partners (formerly Apollo Aviation Group); Portfolio Advisors Secondary Fund IV; Incline Equity Partners V, a lower-middle-market fund; Apax X, a global buyout fund managed by Apax Partners; and to Insight Partners XI, a growth equity fund.
The SASOF V commitment was made at the recommendation of PennPSERS' absolute return investment consultant, Aksia. The rest of the commitments were recommended by the plans' private equity consultant, Hamilton Lane Advisors.
In addition, the board certified an annual employer contribution rate of 34.51% effective July 1, 2020, up from its current rate of 34.29%.