Pennsylvania State Employees' Retirement System, Harrisburg, committed up to $500 million to four alternatives funds, confirmed Pamela Hile, spokeswoman for the $30.9 billion defined benefit plan, in an email.
At its meeting Wednesday, the PennSERS board committed $200 million each to two private equity co-investment funds: one managed by HarbourVest Partners and the other by Neuberger Berman.
The board also committed $50 million each to Altaris Health Partners V, a buyout fund managed by Altaris Capital Partners focused on the health-care sector in North America and Western Europe; and Oak Street Real Estate Capital Fund V, a direct-lending fund targeting value-added investments in single-tenant, triple leases in the U.S.
Also at its meeting, the board reported a return of 18.8% net of fees for the calendar year ended Dec. 31. By asset class, the returns were global equities, 27%; multiasset, 14.7%; real estate, 11%; private equity, 9.6%; fixed income, 9.5%; and cash, 2.3%.