News Column

PA SERS Directs $75 Million to Alternative Investments

July 23, 2014



HARRISBURG, Pa., July 23 -- The Pennsylvania State Employees' Retirement System issued the following news release:

The Pennsylvania State Employees' Retirement System today approved $75 million in alternative investments, subject to successful contract negotiations.

The board moved to commit:

* Up to $25 million to ABRY Partners Fund VIII, L.P. as a follow-on investment for a growth-oriented buyout fund focused on the media, telecommunications, and information/business service sectors. The commitment supports the fund's initiative to make fewer, larger commitments to top-tier managers as outlined in the 2014-2015 Strategic Investment Plan (http://www.portal.state.pa.us/portal/server.pt/document/1431357/2014-2015strategicinvestmentplan_pdf) (pg. 13).

* Up to $50 million to Centerbridge Capital Partners III L.P. as a follow-on investment for investments in distressed debt, middle market private equity, and special situations/structured financing. This commitment enhances total fund liquidity by investing in shorter term strategies and supports the fund's initiative to make fewer, larger commitments to top-tier managers as outlined in the 2014-2015 Strategic Investment Plan (http://www.portal.state.pa.us/portal/server.pt/document/1431357/2014-2015strategicinvestmentplan_pdf) (pg. 13).

In other business, the board approved an amendment to its existing contract with R.V. Kuhns & Associates, Inc. to add services related to the commonwealth's $2.8 billion voluntary Deferred Compensation Program. The amendment engages the firm to conduct a fixed income structure study; develop parameters for a new low-fee, low-risk profile fund, and assist in identifying possible managers for such a fund. The work will be completed over the next 12 months.

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