Pennsylvania State Employees' Retirement System, Harrisburg, approved a commitment of up to $75 million to Blackstone Capital Partners VIII, a private equity fund managed by Blackstone Group, said a news release from the $27 billion pension fund.
Also, the PennSERS board agreed at its June 13 meeting to lower the assumed rate of investment return to 7.125% from 7.25%, effective Dec. 31 this year.
"Given the present market environment, the board sought to establish an assumed rate of return that would provide an opportunity to reduce risk while maintaining the potential for achieving a reasonable long-term rate of investment return," PennSERS Executive Director Terrill J. Sanchez said in the news release.
As of June 30, the pension fund's target allocation was 48% public equities, 16% private equity, 12% real estate, 11% fixed income, 10% multistrategy and 3% cash.
PennSERS spokeswoman Pamela Hile could not be immediately reached for additional information.
