- AUM: $56 bln
- Private markets allocation: 14 pct
- Whom to contact: Evelyn Tatkovski Williams (firstname.lastname@example.org)
- Why this is important: PA PSERS’s relationship with Searchlight allows it to re-invest with a high-conviction manager
Pennsylvania Public School Employees’ Retirement System at its March meeting committed more than $415 million in private equity, real estate and absolute return.
PA PSERS committed $150 million to Searchlight Capital’s Fund III, which focuses on middle-market companies in communication services, IT, consumer discretionary and more in North America and Western Europe.
Searchlight is targeting $2.75 billion with a $3.25 billion cap, Buyouts reported. PA PSERS previously committed $74 million to Searchlight’s second fund in 2015.
The system pledged $100 million to Exeter Industrial Core Fund III, which focuses on real estate investments. Exeter Property Group has $11.1 billion in AUM, according to a memo by Melanie Cubias, senior investment professional, and Melissa Quackenbush, senior portfolio manager.
The board made a £50 million ($65.7 million) commitment to Cabot Properties’ UK Core-Plus Industrial Fund, which plans to make core-plus industrial investments in the UK, Germany and the Netherlands, a February memo says.
And PA PSERS committed $100 million to Falko Regional Aircraft Opportunities Fund II, targeting $600 million.
As of June 30, 2018, PA PSERS had a 14 percent asset allocation for private markets, 25 percent for real estate and 10 percent for absolute returns, its fiscal year report says.