Pennsylvania Public School Employees' Retirement System, Harrisburg, committed roughly $357 million to two alternative investment funds, documents from the $59.1 billion pension plan's website showed.
At its June 12 meeting, the PennPSERS board committed $200 million to Whitehorse Liquidity Partners IV, which makes preferred equity investments in private equity portfolios. The board also committed £125 million ($157 million) to Bridgepoint Development Capital IV, a European middle-market buyout fund managed by Bridgepoint Group.
In addition, PennPSERS agreed to remove Templeton Global Bond Fund Class R6 from the Tier 2 investment options in the school employees' $9.9 million Defined Contribution Plan due to the board eliminating the global fixed-income asset class and low use by participants (board documents show that only five participants use the fund as an option). The Franklin Templeton fund will not be replaced.
Participants invested in the Templeton fund will be able to transfer their balance to another fund. If they don't transfer their balance, it will be moved to the age-appropriate target-date fund in T. Rowe Price Group's Retirement Blend Trust series.
The board also agreed to retain Aksia as its hedge fund and private credit investment consultant. Aksia will sign a five-year contract with the pension plan.
