Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $800 million to four alternative investment funds and increased a previous fund commitment by $75 million, documents from the $55.8 billion pension fund show.
At its Aug. 7 meeting, the board committed $400 million to I Squared Capital's ISQ Global Infrastructure Fund III; $200 million to LLR Equity Partners VI, a buyout fund managed by LLR Partners; $125 million to PGIM Real Estate Capital VII; and $75 million to Clearlake Flagship Plus Partners, a private equity fund managed by Clearlake Capital Group.
The board also agreed to increase its commitment to New Mountain Partners VI, a buyout and growth investment fund managed by New Mountain Capital, to $250 million from $175 million. PennPSERS made the initial commitment at its March 6 meeting.
Investment consultant Hamilton Lane advised on the fund selections.