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PennSERS allots up to $225 million to 3 alts funds

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Pennsylvania State Employees’ Retirement System, Harrisburg, committed up to $225 million to three alternatives funds.

At its meeting Wednesday, the $34 billion pension board approved a commitment of up to $100 million to Clearlake Capital Partners VII, a private equity special-situations and value fund, and $75 million to Clearlake Opportunities Partners III, a non-control and special situations focused fund, both managed by Clearlake Capital Group. The plan also committed $50 million to Sixth Street Opportunities Partners V, a private credit fund managed by Sixth Street Partners.

PennSERS also reported a net return of 6.01% for the second quarter.

Returns by asset class, net of fees, for the quarter ended June 30, were: 12.11% private equity, 7.65% U.S. equities, 6.31% international developed markets equities, 5.93% emerging markets equities, 5.5% private credit, 4.29% real estate, 3.25% Treasury inflation-protected securities, 2.53% fixed income and 0.02% cash.