Pennsylvania State Employees' Retirement System, Harrisburg, approved two new commitments totaling up to $220 million.
The $34.4 billion pension fund's board at its Dec. 12 meeting approved commitments of up to $100 million and up to $20 million, respectively, to private equity and special situations fund Clearlake Capital Partners VIII and a sidecar vehicle that will co-invest alongside the fund, both managed by Clearlake Capital Group; and up to $100 million to Ares US Real Estate Opportunity Fund IV, an opportunistic real estate fund managed by Ares Management, a Dec. 12 news release said.
PennSERS previously committed up to $100 million to Clearlake Capital Partners VII and up to $100 million to Ares PA Opportunities Fund, both in 2021.
As of Sept. 30, the actual allocations to private equity and real estate were 19.9% and 7.4%, respectively; their respective targets are 16% and 7%.
