South Carolina Retirement System Investment Commission, Columbia, formed a strategic partnership with Grosvenor Capital Management to build RSIC's private equity co-investments program for the $31.9 billion South Carolina Retirement Systems.
The co-investment program is intended to become a meaningful percentage of RSIC's private equity exposure over time, with the goal of driving performance and reducing investment management costs. The system had a 7.1% private equity allocation, as of April 30, according to board documents from RSIC's Thursday meeting.
"We are excited to launch this partnership with GCM Grosvenor," said Geoffrey Berg, RSIC chief investment officer, in a news release. "We believe this program will enable RSIC to efficiently and seamlessly execute co-investments and become one of the premier co-investment partners to private equity sponsors."
RSIC has committed $1.5 billion to 34 co-investments since 2008, according to board documents.
"We are delighted and honored that RSIC has chosen us as its strategic partner for this initiative," said Jonathan R. Levin, president of Grosvenor, in the same news release. "We look forward to working with RSIC to build a world-class co-investment program that helps it achieve its long-term objective of providing attractive returns to its pensioners."
On Thursday, RSIC also disclosed a $75 million commitment to TA XIII, a middle-market growth equity fund managed by TA Associates, and a $75 million commitment to Actis Long Life Infrastructure Fund managed by Actis Capital to seek investments in energy projects in emerging markets.
RSIC manages the assets of South Carolina's state pension funds on behalf of the South Carolina Public Employee Benefit Authority, Columbia.
