Arizona Public Safety Personnel Retirement System recommended up to $150 million in combined private equity commitments to funds from Stone Point Capital and Baring Private Equity Asia.
The system committed $30 million directly and up to $20 million in co-investments to Baring Asia’s seventh fund, said spokesperson Christian Palmer. The fund is targeting $5.5 billion, according to research by Private Equity International, an Active LPs affiliate. The pool is expected to focus on the financial services, consumer goods, energy, oil and gas, industrials and TMT sectors.
Arizona also pledged $50 million directly and up to $50 million in co-investments to mid-market buyout fund Stone Point Capital’s Trident VIII, which has a $6.5 billion hard cap. The fund will focus on financial services.
The system, which has $10.3 billion in assets under management, had a 15.3 percent allocation to private equity as of June 30, above its target of 14 percent.