Arizona Public Safety Personnel Retirement System committed to a fund from Stepstone Group at its January meeting, according to its communication director, Christian Palmer.
The system pledged $120 million to StepStone AZ China and Asia Opportunities Fund II, meeting documents show.
StepStone is a global private markets firm that focuses on integrating “fund investments, secondaries and co-investments across private equity, real estate, infrastructure and private debt to create solutions” for private market investment programs, according to its website.
Launched this year, the fund makes diversified investments in Asia-Pacific, according to sister site Private Equity International. Target size was not available.
Palmer said the AZ China is a separate account. StepStone did not provide a comment for this story.
Arizona committed $90 million to StepStone’s previous AZ China and Asia Opportunities Fund, according to PEI.
Private equity makes up 15.36 percent of the system’s $10.5 billion portfolio.