Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $80 million to Capstone Commonwealth Fund, a tail-risk mitigation fund managed by Capstone Investment Advisors.
The commitment was made at the $64.2 billion pension fund's June 11 board meeting. The board intends to commit to the fund on an annual basis. Aksia, PennPSERS' absolute-return consultant, assisted.
An additional $1 billion in commitments to five other alternatives funds were recommended at the meeting but weren't approved. These include a recommendation to commit up to $300 million to Brookfield Strategic Real Estate Partners IV, a global opportunistic real estate fund managed by Brookfield Asset Management; $250 million to Keystone Partners/International Infrastructure Finance Company III; €200 million ($242 million) to ICG Europe Fund VIII, a middle-market debt fund managed by Intermediate Capital Group; $150 million to Insight Partners XII, a growth equity fund; and $100 million to LEM Multifamily Senior Equity Fund VI, a real estate fund managed by LEM Capital.
These recommended fund commitments have been tabled, confirmed Evelyn Williams, a spokeswoman for the pension fund.
As Pensions & Investments previously reported, also at the meeting, six PennPSERS board members withdrew a request to call for a vote of no confidence against Executive Director Glen R. Grell and CIO James H. Grossman Jr. No reason was given for why the request was withdrawn.
